Oil rose more than 1% on Monday, hitting the highest levels in nearly 7 years seen in the previous session. Supply concerns and political tensions in Eastern Europe and the Middle East rose prices for the biggest monthly gain in almost a year.
Brent crude rose $1.07, or 1.2%, to $91.10 a barrel at 0325 GMT after gaining 69 cents on Friday. The front month contract for March delivery expires later in the day.
The most active Brent contract for April delivery, was trading at $89.51, up 99 cents or 1.1%.
West Texas Intermediate crude rose $1.07, or 1.2%, to $87.89 after gaining 21 cents on Friday.
Indicators hit their highest levels since October 2014 at $91.70 and $88.84 respectively on Friday, posting sixth weekly gains. This month, both headed for an increase of about 17%, the highest rate since February 2021.
Concerns about global supply shortages and continued geopolitical risks have caused the market to start the week on a strong note.
Oil prices are likely to continue their upward trend this week, with the expectation that OPEC+ will continue its current policy of gradual production growth.
NATO worries about Europe’s energy security with its standoff with Russia.
More than 1,400 US flights canceled due to winter storm in the Northeast.