Brent above $107 a barrel on supply shortage fears

Oil prices rose on Monday as the release of strategic reserves by consuming countries failed to stop supply woes arising from Russia/Ukraine war.

The Russian war in Ukraine which started in February raised supply fears, so the prices have been underpinned.

U.S. President Joe Biden announced last week a record strategic oil reserves release and as International Energy Agency members committed to further reserve releases.

Brent Crude was up $2.97 cents, or 2.85% to trade at $107.3 a barrel by 1307 GMT.

U.S. West Texas Intermediate crude rose $3.40 or 3.4% to trade at $102.6 a barrel.