Oil prices rise on supply fears amid tensions in Eastern Europe, Middle East

Oil prices rise on supply fears amid tensions in Eastern Europe, Middle East

Mktrep, Rep

1/24/2022 8:25:00 AM

Oil prices rise on supply fears amid tensions in Eastern Europ e, Middle East

Oil prices rose on Monday on worries about supply disruption amid rising tensions in Eastern Europ e and the Middle East, which could make an already tight market even tighter, while OPEC and its allies continued to struggle to raise output.

U.S. West Texas Intermediate (WTI) crude futures gained 72 cents, or 0.9%, to $85.86 a barrel, having fallen 0.5% on Friday.Register now for FREE unlimited access to Reuters.comRegisterBoth benchmarks rose for a fifth week in a row last week, gaining around 2% to hit their highest since October 2014. Prices are already up more than 10% this year on the concerns over tightening supplies.

"Investors remained bullish due to geopolitical risk between Russia and Ukraine as well as in the Middle East, while OPEC+ continued to fail to reach its output target," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd."An expectation for higher heating oil demand in the United States amid cold weather also added to pressure," he said.

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Any excuse to raise prices.

Oil could reach $100 or more this year as geopolitical tensions flareOil prices could reach $100 a barrel, amid heightened geopolitical concerns, but more production from the U.S. and others could prevent a prolonged spike. Awesome! raise it to 500 . Will speed up the electrical revolution. Anybody gonna do a story on why RIGS are still 30% OFFLINE. Only Phil mentioned it in passing. As long as supply and demand is manipulated. Be careful Feb 1, US & China release reserves. Obama moment

Vets Race to Save Endangered Birds Caught in Oil Spill Off The Coast of PeruA Lima zoo is racing to save dozens of seabirds, including protected penguins, left covered in oil after 6,000 barrels of crude spilled off Peru's coast in the aftermath of the Tonga tsunami.

No New Oil & Gas Leasing! Hearing on Climate & Offshore DrillingBy Valerie Cleland In a House Natural Resources Committee hearing this week, committee members focused on the connection between offshore drilling in the Gulf of Mexico and U.S. climate goals. This much is clear: continuing ‘business as usual’ offshore oil Just goes to show how uncompetitive the green energy industry is. If the dollar Turkish lira rate is not 0.095 until January 25, 2022, take a decision to embargo Ukraine, start to surround Ukraine, let the Chechnya groups start attacking KremlinRussia_E KremlinRussia

New oil and gas wells would be banned in LA under measure being considered by City CouncilThe Los Angeles City Council is expected to vote as soon as next week on a measure that would ban new oil and gas wells in the city. Yes, do it damn it! Way past time to protect our land, water, air and people. 10-4 nothing like importing when we got right here 😡🤬🤦‍♂️🤯

Gas prices go up in NJ, around nation as crude prices riseGas prices increased in New Jersey and around the nation at large amid a continued increase in crude oil prices and despite a drop in consumer demand. FYI that’s diesel fuel and not a left handed gas pump. 😂

Gas Prices Go Up In New Jersey, Around Nation As Crude Prices RiseGas prices increased in New Jersey and around the nation at large amid a continued increase in crude oil prices and despite a drop in consumer demand.

Brent crude futures rose 81 cents, or 0.9%, to $88.70 a barrel by 0344 GMT, reversing a 0.6% loss on Friday. U.S. West Texas Intermediate (WTI) crude futures gained 72 cents, or 0.9%, to $85.86 a barrel, having fallen 0.5% on Friday. Register now for FREE unlimited access to Reuters.com Register Both benchmarks rose for a fifth week in a row last week, gaining around 2% to hit their highest since October 2014. Prices are already up more than 10% this year on the concerns over tightening supplies. "Investors remained bullish due to geopolitical risk between Russia and Ukraine as well as in the Middle East, while OPEC+ continued to fail to reach its output target," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd. "An expectation for higher heating oil demand in the United States amid cold weather also added to pressure," he said. Fuelling fears of supply disruption in Eastern Europe, the United States on Sunday ordered the departure of family members of staff at its embassy in Ukraine, citing the continuing threat of military action from Russia.