Oil prices were steady on Monday in seesaw trading, after hitting their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger US and European sanctions that would disrupt exports from one of the world's top producers.
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The tensions come as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, struggle to ramp up output despite monthly pledges to increase production by 400,000 barrels per day (bpd) until March.
While geopolitical tensions help add to the bullish view, this oil supercycle is fundamentally driven, RBC Capital analysts said.
"We see upside visibility for prices to touch or flirt with $115/bbl or higher this summer," said analyst Mike Tran in a note.
Brent crude was down 11 cents, or 0.1%, at $94.33 a barrel by 0910 GMT, after earlier hitting a peak of $96.16, the highest since October 2014.
