Oil rises on geopolitical risks, supply shortage | Reuters
Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.
Brent crude had risen 87 cents, or 1%, to $90.90 a barrel by 1228 GMT. The front-month contract for March delivery expires later in the day. The most-active Brent contract, for April delivery , was trading at $89.03, up 51 cents, or 0.6%.
U.S. West Texas Intermediate crude rose 47 cents, or 0.5%, to $87.29 a barrel.
The benchmarks recorded their highest levels since October 2014 on Friday, $91.70 and $88.84, respectively, and their sixth straight weekly gain. They were headed for about 17% gains this month, the most since February 2021.
No comments:
Post a Comment