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Oil prices jumped on Monday as geopolitical tensions in Eastern Europe and the Middle East raised concerns about the outlook for oil supplies, while OPEC and its allies continued efforts to increase production.
Brent crude futures rose 87 cents, or 1.0 percent, to $88.76 a barrel by 0100 GMT, ending a 0.6 percent decline on Friday.
US West Texas Intermediate crude futures rose 86 cents, or 1.0 percent, to $86.00 a barrel, after falling 0.5 percent on Friday.
Both benchmarks rose for the fifth consecutive week last week, about two percent, their highest level since October 2014. Prices have risen more than 10 percent so far this year due to fears of tight supply.
Update (08:30 GMT)
Oil prices rose during trading today, Monday, with increased geopolitical tensions in Eastern Europe and the Middle East, which raised concerns about the already scarce supply, at a time when OPEC and its allies did not succeed in increasing their production at the scheduled rate.
Brent crude futures rose 87 cents, or 1%, to $88.76 a barrel, while US crude futures rose 86 cents, or 1.0%, to $86.00 a barrel.
Both benchmarks rose for the fifth consecutive week over the past week, rising about 2% to reach their highest level since October 2014. Prices are up more than 10% so far this year on concerns about supply shortages.
