Oil prices rose amid tighter sanctions on Russian supplies

Oil prices increased on Monday morning after falling for three consecutive sessions.

According to Report, trading data show that the price of November Brent futures on London"s ICE Futures exchange rose by $0.47 (0.7%) to $67.15 per barrel.

October WTI crude futures on the New York Mercantile Exchange (NYMEX) electronic trading platform climbed by $0.42 (0.67%) to $63.10 per barrel.

The October futures contract expires at the close of trading on Monday. More actively traded November contracts were offered up by $0.41 (0.66%), at $62.81 per barrel.

Oil prices are supported by concerns over escalating tensions in Eastern Europe and the Middle East, as well as expectations of tighter sanctions on Russian oil supplies.

Last week, the European Commission approved the EU"s 19th package of sanctions against Russia, which includes restrictions on Russian oil.