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%, to $88.76 a barrel by 01:00 GMT, ending a 0.6% decline on Friday.
US West Texas Intermediate crude futures rose 86 cents, or 1.0%, to $86.00 a barrel, after falling 0.5% on Friday.
Both benchmarks rose for the fifth consecutive week last week, about 2%, their highest level since October 2014. Prices have risen more than 10% so far this year due to fears of tight supply.
“Investors remain optimistic due to geopolitical risks between Russia and Ukraine, as well as in the Middle East, while OPEC Plus continues to fail to reach its production target,” said Kazuhiko Saito, chief analyst at Fujitomi Securities. In the cold weather, the pressure also increased.”