Oil jumps over $3, Brent at $108.23 per barrel

Oil prices rose by more than US$3 at the open on Monday amid growing concerns over supplies.

Brent crude futures rose $3.62, or 3.46 percent, to $108.23 per barrel, while US West Texas Intermediate (WTI) crude futures gained $3.15, or 3.15 percent, to $103.20 per barrel.