TOKYO : Oil prices rose on Monday, with Brent crude futures at their highest in more than three years, as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the Omicron coronavirus variant.
"The bullish sentiment is continuing as OPEC+ is not providing enough supply to meet strong global demand," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.The Organization of the Petroleum Exporting Countries and its allies - OPEC+ - are gradually relaxing output cuts implemented when demand collapsed in 2020.
U.S. officials voiced fears on Friday that Russia was preparing to attack Ukraine if diplomacy failed. Russia, which has massed 100,000 troops on Ukraine's border, released pictures of its forces on the move.
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