Oil rose more than 1% on Monday to near 7-year highs hit in the previous session, while supply concerns and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.
Brent crude rose $1.07, or 1.2%, to $91.10 a barrel at 0325 GMT, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day.Register now for FREE unlimited access to Reuters.comU.S. West Texas Intermediate crude added $1.07, or 1.2%, to $87.89 a barrel, having gained 21 cents on Friday.
"Underlying anxiety about global supply shortages, coupled with ongoing geopolitical risks, have caused the market to start the week on a strong note," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd. Major producers in the Organization of the Petroleum Exporting Countries and allies led by Russia, collectively known as OPEC+, have raised their output target each month since August by 400,000 barrels per day as they unwind record production cuts made in 2020.
At its Feb. 2 meeting, OPEC+ is likely to stick with a planned rise in its oil output target for March, several OPEC+ sources told Reuters.Oil prices are showing signs of overheating as traders anticipate a severe shortage of petroleum this year, Reuters columnist John Kemp said, noting that inventories were already low and there was little global spare capacity to raise production in the short term.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cambodia to host summit of ASEAN foreign ministers from Feb 16Foreign ministers of the Association of Southeast Asian Nations (ASEAN) will meet next month to discuss humanitarian aid for Myanmar, the current chair of the grouping, Cambodia, said on Saturday.
Read more »
Metrolink To Provide Free Rides On Feb. 4 For Transit Equity DayThe Metrolink Board of Directors has approved a plan to provide free rides on Feb. 4 for Transit Equity Day, which also marks the birthday of Rosa Parks.
Read more »
New York mask mandate extended through Feb. 10New York Gov. Kathy Hochul extended the state's mask mandate that requires face coverings in all indoor settings until at least Feb. 10.
Read more »
Oil rises, hovers near 7-year highs on supply fears, political risksOil rose 1% on Monday, hovering near 7-year highs hit in the previous session, amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East.
Read more »
Chevron CEO: $100 per barrel oil is possibleChevron chief Mike Wirth tells 'The Claman Countdown' that oil could hit $100 a barrel in the coming months.
Read more »
Thai beach declared disaster area after oil spillA beach in eastern Thailand was declared a disaster area on Saturday as oil leaking from an underwater pipeline in the Gulf of Thailand continued to wash ashore and blacken the sand.
Read more »