Oil prices continued to rise on Friday, pushing Brent above $90 a barrel again, as rising geopolitical tensions in Ukraine and Russia still pose risks to crude supplies.
The price of a barrel Brent from the North Sea for delivery in March gained 0.77% to $90.03, its highest level since October 2014, already reached on Wednesday.
In New York, the barrel of West Texas Intermediate (WTI) for delivery in the same month ended at 0.24% to $86.82.
Global oil markets extended their run higher and climbed back to seven-year highs on military tensions in Ukraine and tighter supply.
Both Brent and WTI quickly recovered their losses on Friday, “which were minor anyway,” said Commerzbank analyst Carsten Fritsch.
Fears of an eruption of geopolitical tensions have already swept bearish factors.
Continued uncertainty surrounding the Ukraine crisis could jeopardize a significant part of Russia’s oil flows if diplomatic talks break down and energy export sanctions materialize.
Next week, investors will also turn their eyes to the next OPEC+ (Organization of the Petroleum Exporting Countries and its partners) meeting, scheduled for Wednesday.
“It shouldn’t rock the markets, with a further 400,000 barrels a day increase for March already well reported,” said Han Tan, an analyst at Exinity.