Baghdad Oil prices rose, today, Tuesday, to hover near the highest levels in seven years recorded last week, supported by expectations of continued tight supply, due to a limited increase by major producers and the strong recovery of fuel demand after the Coronavirus pandemic.
Brent crude contracts for April delivery rose 24 cents, or 0.27%, to $89.50 a barrel.
US West Texas Intermediate crude contracts rose 27 cents, or 0.31%, to $88.42 a barrel.
The two benchmarks recorded their highest levels since October 2014 on Friday, as Brent reached $91.70 a barrel and US crude reached $88.84.
They also recorded gains for the sixth consecutive week. And they gained about 17% this month, the largest percentage since February 2021.
Crude prices got a boost from the tension between Russia and the West over Ukraine, which has raised concerns about possible disruptions to energy supplies to Europe.
Oil prices rose on Friday, heading for a sixth straight week of gains, as geopolitical tensions continued to raise supply concerns.
Brent crude futures rose 63 cents, or 0.7%, to $89.97 a barrel, after reaching $91.04 on Thursday, the highest level since October 2014.
West Texas Intermediate crude futures rose 49 cents, or 0.6%, to $87.10 a barrel.
US crude also reached a seven-year high of $88.54 earlier in the session.
And both are on track to record the longest streak of weekly gains since October./End
Oil prices continue to receive support from fears that the Ukrainian crisis will cause turmoil in energy markets.
But Russian Foreign Minister Sergei Lavrov said on Friday that Moscow does not want war with Ukraine.
Source: National Iraqi News Agency