Brent, WTI Prices Increase

Oil prices rose on Monday on worries about supply disruption amid rising tensions in Eastern Europe and the Middle East, which could make an already tight market even tighter, while OPEC and its allies continued to struggle to raise output.
Brent crude futures rose 58 cents, or 0.7%, to $88.47 a barrel, reversing a 0.6% loss on Friday, Reuters reported.
WTI crude futures gained 57 cents, or 0.7%, to $85.71 a barrel, having fallen 0.5% on Friday.
Both benchmarks rose for a fifth week in a row last week, gaining around 2% to hit their highest since October 2014. Prices are already up more than 10% this year on the concerns over tightening supplies.
"Investors remained bullish due to geopolitical risk between Russia and Ukraine as well as in the Middle East, while OPEC+ continued to fail to reach its output target," said Kazuhiko Saito, chief analyst at Fujitomi Securities Company Ltd.
"An expectation for higher heating oil demand in the United States amid cold weather also added to pressure," he said.
Fueling fears of supply disruption in Eastern Europe, the New York Times reported late on Sunday that US President Joe Biden was considering deploying several thousand US troops to NATO allies in Eastern Europe and the Baltics.