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Oil is on Track For a Sixth Week of Gains Amid Supply Concerns

Adel 28 January, 2022 5:03 pm Commodities, Market Update

Oil prices rose on Friday, set for a sixth straight week of gains as geopolitical tensions continued to fuel supply concerns.

Brent crude futures rose 63 cents, or 0.7 percent, to $89.97 a barrel by 1013 GMT, after reaching $91.04 on Thursday, the highest level since October 2014.

West Texas Intermediate crude futures rose 49 cents, or 0.6 percent, to $87.10 a barrel. US crude also reached a seven-year high of $88.54 earlier in the session.

Both are on track to post their longest streak of weekly gains since October.

Oil prices continue to receive support from fears that the Ukrainian crisis will cause turmoil in energy markets. But Russian Foreign Minister Sergei Lavrov said on Friday that Moscow did not want war with Ukraine.

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