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Russia President Vladimir Putin observes military exercises in photo released by the Kremlin on March 3, 2014.

Crude oil prices rose more than $2 a barrel  Monday after President Vladimir Putin said Russia has the right to invade Ukraine.

Oil prices rose as stocks and many other investments fell in global markets.

Ukrainian Prime Minister Arseny Yatseniuk said Moscow’s use of military force was a “declaration of war.”

Russia is one of the world’s biggest oil and gas producers.

Europe’s benchmark Brent crude hit $112.39 per barrel, its highest price since December 30, 2013.

U.S. crude rose Monday by $2.28 to a high of $104.97 a barrel, its highest since September 23. It settled back to $104.20.

Russia exports about 5.5 million barrels of crude oil per day.

China’s factory sector slowed in February to the lowest point in eight months, adding to downward pressure on stock markets.