Oil prices jumped on Monday, as geopolitical tensions in Eastern Europe and the Middle East raised concerns about the outlook for oil supplies, while OPEC and its allies continued to push to increase production.
Brent crude futures rose 87 cents, or 1.0 percent, to $88.76 a barrel by 01:00 GMT, ending a 0.6 percent decline on Friday.
US West Texas Intermediate crude futures rose 86 cents, or 1.0 percent, to $86.00 a barrel, after falling 0.5 percent on Friday.Join Our Telegram group to know the latest news https://t.me/kuwaitoffering
Both benchmarks rose, for the fifth consecutive week, last week by about two percent, recording their highest level since October 2014. Prices have risen more than 10 percent so far this year due to fears of tight supply.
“Investors remain optimistic due to geopolitical risks between Russia and Ukraine as well as in the Middle East while OPEC+ continues to fail to reach its production target,” said Kazuhiko Saito, chief analyst at Fujitomi Securities.
“The expectation that the demand for heating oil in the United States will rise amid cold weather has also increased the pressure,” he added.