Oil Settles Modestly Higher Amid Geopolitical

By Mark DeCambre Markets MarketWatch Pulse

Oil prices on Monday ended marginally higher after news that a Russian ambassador to Turkey was shot and killed in Ankara, according to news reports. Traders said news of the shooting raised concerns about political risks around the globe, which can be supportive for oil futures. Overall, crude-futures trading saw up-and-down action but in a fairly narrow range. Investors wrestled with news that Libya's National Oil Co. called a halt to the planned relaunch of production at oil fields in the country's western regions, which is supportive for prices, and lingering concerns about the effectiveness of a pact to shrink global inventories, spearheaded by the Organization of the Petroleum Exporting Countries. Against, that backdrop West Texas Intermediate crude oil for February delivery , the most active contract, ended up 11 cents, or 0.2%, at $53.06 a barrel, while the January contract , set to expire on Tuesday, gained 22 cents, or 0.4%, at $52.12.

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