Oil prices rise on supply fears amid tensions in Eastern Europe, Middle East
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 81 cents, or 0.9 per cent, to $88.70 a barrel by 0344 GMT, reversing a 0.6 per cent loss on Friday.
US West Texas Intermediate (WTI) crude futures gained 72 cents, or 0.9 per cent, to $85.86 a barrel, having fallen 0.5 per cent on Friday.
Both benchmarks rose for a fifth week in a row last week, gaining around 2 per cent to hit their highest since October 2014. Prices are already up more than 10 per cent this year on the concerns over tightening supplies.
