London — Oil prices hit their highest level in nearly two weeks on Monday, lifted by a global equity market recovery and tension in the Middle East, although the concern of rising US production tempered gains. European shares rose for a fourth consecutive session, with global stocks set for a sixth session of gains, following a sell-off triggered by the fear of creeping inflation and higher borrowing costs. Brent crude was up 37c at $65.21 a barrel at 10.34am GMT, after rising to an 11-day high of $65.45 a barrel earlier in the session. US West Texas Intermediate crude for March delivery was up 54c at $62.22 a barrel, after earlier gaining as much as 1.4% to its highest since February 7. "Benign stock markets are providing … as are geopolitical tensions in the Middle East," Commerzbank said in a note. Israeli Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, after border incidents in Syria brought the ...
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