Oil prices rose 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.
According to Arab Net, Brent crude futures rose 87 cents, or 1.0%, to $88.76 a barrel, ending a 0.6% decline on Friday.
US West Texas Intermediate crude futures rose 86 cents, or 1.0%, to $86.00 a barrel, after falling 0.5% on Friday.
Both benchmarks rose for the fifth consecutive week last week, about 2%, their highest level since October 2014. Prices have risen more than 10% 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.
He added, expecting a rise in heating oil demand in the United States amid cold weather, the pressure also increased.
