By Erwin Seba

HOUSTON — Oil prices rose $1 a barrel on Monday following drone attacks by Ukraine , the closure of Venezuelan airspace by the United States, and OPEC ‘s decision to leave output levels unchanged in the first quarter of 2026.

Brent crude futures advanced $1, or 1.6%, to $63.38 a barrel by 9:14 a.m. CDT (1514 GMT). U.S. West Texas Intermediate crude gained 94 cents, or 1.61%, to $59.49 a barrel.

“Ukrainian drone attacks on Russian shadow fleet as well as a commitment by OPEC to maintain current production levels has the market in an optimistic state,” wrote Phil Flynn, senior analyst for the Price Futures Group, in a note. “This comes as global oil demand continues to rise despite the negativity that we continue to hear on the demand side of the equation.”

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