Geopolitics keeps oil prices high

Geopolitical tension in Africa, Asia and the Middle East are contributing to high oil prices.

In Nigeria, rebels attacked an oil-transfer facility and caused a slowdown in the supply production. Investors, fearing a disruption in supply, and Royal Dutch Shell's reduction in output kept oil prices around $116 a barrel Monday, the International Business Times reported.

Attacks by Turkish warplanes in oil-rich Northern Iraq added to the pressures, causing crude contracts to gain about $3.80.

Supply and demand forces continue to rule the markets as oil steadies. Last week, for the first time in weeks, a record price was not hit, but prices have settled above $116 per barrel.