Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.
Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system.
Investors also fretted over the pace and extent of interest rate cuts by the U.S. Federal Reserve that has created uncertainty in global financial markets.
In the U.S., the number of operating oil rigs fell by one to 478 last week, the lowest since the week to July 19, Baker Hughes data showed.
Persons:
Joe Biden's, Biden, Tony Sycamore, Brent, WTI, Baker Hughes
Organizations:
Brent, U.S, West Texas, IG, International Energy Agency, U.S . Federal Reserve
Locations:
Cushing , Oklahoma, Russia, Ukraine, China, Kursk, U.S