Oil prices jumped $2 on Monday as Ukrainian forces dug in against heavy Russian attacks, while major oil producers reported they are struggling to produce their allotted quotas under a supply agreement.
Prices moved higher after Ukraine's deputy prime minister, Iryna Vershchuk said early on Monday there was no chance that the country's forces would surrender in the besieged eastern port city of Mariupol. The latest report from the Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, showed some producers are still falling short of their agreed supply quotas.
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