Brent, WTI Prices Hover Near Seven-Year Highs

Oil rose more than 1% on Monday to the near seven-year highs hit in the previous session, while supply concerns and political tension in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.
Brent crude rose $1.28, or 1.4%, to $91.31 a barrel, after adding 69 cents on Friday, Reuters reported.
The front-month contract for March delivery expires later in the day.
The most-active Brent contract, for April delivery, was trading at $89.62, up $1.1 or 1.2%.
WTI crude added $1.14, or 1.3%, to $87.96 a barrel, having gained 21 cents on Friday.
The benchmarks recorded their highest levels since October 2014 on Friday, $91.70 and $88.84, respectively, and their sixth straight weekly gain. They were headed for about 17% gains this month, the most since February 2021.
"Underlying anxiety about global supply shortages, coupled with ongoing geopolitical risks, has caused the market to start the week on a strong note," said Toshitaka Tazawa, an analyst at Fujitomi Securities Company Ltd.
"With an expectation that OPEC+ will keep the existing policy of gradual increase of production, oil prices will likely stay on a bullish sentiment this week," he added.