The United States said on Monday it was Russia that is escalating the conflict in Ukraine by deploying North Korean troops, after the Kremlin warned that Washington would deepen its involvement in the war by allowing Kyiv's forces to strike far into Russia with U.

Crude futures press higher as the market considers risks of escalation in the Ukraine-Russia conflict after Biden approved Ukraine's use of U.S.-supplied long-range missiles that could strike deeper into Russia.

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.