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 crude futures gained 72 cents, or 0.9%, to $85.86 a barrel, having fallen 0.5% on Friday.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.
Any excuse to raise prices.
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