Oil traded at a seven-year high of around $90 a barrel on Thursday as the Ukraine crisis supported prices despite signs that the US Federal Reserve would tighten monetary policy.<\/p>\n\n\n\n
Brent crude futures rose six cents, or 0.1 percent, to $90.02 a barrel by 1113 GMT, and West Texas Intermediate crude futures fell two cents to $87.33 a barrel.<\/p>\n\n\n\n
Oil prices rose on Wednesday, with Brent crude rising above $90 a barrel for the first time in seven years, amid tensions between Russia and the West. Russia, the world’s second-largest oil producer, is at odds with the West over Ukraine, raising fears of a disruption to crude supplies to Europe.<\/p>\n\n\n\n
Market attention is focused on the February 2 meeting of the OPEC + group, which includes the Organization of the Petroleum Exporting Countries, along with other producers including Russia.<\/p>\n\n\n\n
The group is likely to stick to its plans to increase the target level of oil production in March, according to several sources from OPEC + told Reuters.<\/p>\n\n\n\n
OPEC+ has been raising its production target level every month since August by 400,000 bpd, gradually abandoning a record production cut in 2020.<\/p>\n\n\n\n
However, the group faced challenges represented in the available production capacity, which prevented some members from increasing production according to their quotas.<\/p>\n\n\n\n
But rising crude and gasoline stocks in the United States somewhat eased supply worries.<\/p>\n\n\n\n
The US Energy Information Administration said that US crude stocks rose last week by 2.4 million barrels, compared to expectations for a decrease of 728,000 barrels in a Reuters poll of analysts’ opinions.<\/p>\n\n\n\n
Gasoline stocks rose by 1.3 million barrels, the largest increase since February 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil traded at a seven-year high of around $90 a barrel on Thursday as the Ukraine crisis supported prices despite signs that the US Federal Reserve would tighten monetary policy. Brent crude futures rose six cents, or 0.1 percent, to $90.02 a barrel by 1113 GMT, and West Texas Intermediate crude futures fell two cents …<\/p>\n","protected":false},"author":9,"featured_media":58279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7214,7156,7436,8541,7238,8542,6875,8350,8647,8110,7685],"class_list":["post-59145","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-biden","tag-brent","tag-crude-oil","tag-geopolitical-tensions","tag-goldman-sachs","tag-potential-invasion","tag-russia","tag-supply-disruption","tag-tight-inventories","tag-ukraine","tag-wti-crude-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=59145"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59145\/revisions"}],"predecessor-version":[{"id":59146,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59145\/revisions\/59146"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/58279"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=59145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=59145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=59145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}