Brent crude, the highest since October 2014, rose $1.37, or 1.6%, at $89.57 at 1319 GMT at $89.57. US West Texas Intermediate (WTI) crude was up $1.13, or 1.3%, at $86.73.
Oil rose near a seven-year high of $90 a barrel on Wednesday, supported by tight supplies and geopolitical tensions in Europe and the Middle East, raising concerns about further disruption. US President Joe Biden said on Tuesday that he would consider personal sanctions on President Vladimir Putin if Russia invades Ukraine. On Monday, Yemen’s Houthi movement launched a missile attack on a United Arab Emirates base.
“Concerns about potential supply disruptions in the Middle East and Russia are increasingly providing fodder for the oil market,” said Stephen Brennock of oil broker PVM.
Brent crude, the highest since October 2014, rose $1.37, or 1.6%, at $89.57 at 1319 GMT at $89.57. US West Texas Intermediate (WTI) crude was up $1.13, or 1.3%, at $86.73.
Hiroyuki Kikukawa, general manager of research at Nissan Securities, said: “The market decline is limited by rising tensions between Russia and Ukraine and the threat to infrastructure in the UAE.”
Underlining the tight balance of supply and demand, the American Petroleum Institute’s weekly US inventory report saw crude oil stocks fall by 872,000 barrels on Tuesday, Traders said. [API/S]
The official Energy Information Administration (EIA) supply report is due at 1530 GMT.[EIA/S]
Investors across the market are also waiting for an update from the US Federal Reserve at 19000 GMT. The Fed is expected to indicate a plan to raise interest rates in March as it focuses on fighting inflation.
In another significant development, the Organization of the Petroleum Exporting Countries and Allies, known as OPEC+, meet on February 2 to consider another production hike.
OPEC+ is gradually cutting its 2020 record output, raising its monthly target to 400,000 barrels a day, although the actual increase in supply has fallen short of that as some countries struggle to ramp up production.
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