Oil prices rose on Monday as supply shortages and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in nearly a year.<\/p>\n\n\n\n
Brent crude, the benchmark, rose 66 cents, or 0.7 percent, to $90.69 a barrel by 1005 GMT. The March futures contract expires later on Monday.<\/p>\n\n\n\n
US West Texas Intermediate crude rose 51 cents, or 0.6 percent, to $87.33 a barrel.<\/p>\n\n\n\n
On Friday, the two benchmarks hit their highest level since October 2014.<\/p>\n\n\n\n
On Sunday, the NATO chief said Europe should diversify its energy sources after Britain warned that Russia was very likely looking to invade Ukraine.<\/p>\n\n\n\n
The market is also anticipating the situation in the Middle East, after the UAE said it had intercepted a ballistic missile launched by the Yemeni Houthi movement, while the Gulf state was hosting Israeli President Isaac Herzog in the first visit of its kind.<\/p>\n\n\n\n
Analysts expected prices to remain high this week, with the OPEC + group, which includes the Organization of the Petroleum Exporting Countries and its allies, expected to maintain its existing policy of gradually increasing production.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Monday as supply shortages and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in nearly a year. Brent crude, the benchmark, rose 66 cents, or 0.7 percent, to $90.69 a barrel by 1005 GMT. The March futures contract expires later on …<\/p>\n","protected":false},"author":9,"featured_media":52825,"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":[7804,6951,8611],"class_list":["post-59300","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-baker-hughes","tag-natural-gas","tag-oil-rigs-count"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59300","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=59300"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59300\/revisions"}],"predecessor-version":[{"id":59301,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59300\/revisions\/59301"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52825"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=59300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=59300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=59300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}