Oil rises, hovers near 7-year highs on supply fears, political risks

TOKYO: Oil rose 1% on Monday, hovering near 7-year highs hit in the previous session, amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East.

Brent crude rose 92 cents, or 1.0%, to $90.95 a barrel at 0051 GMT, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day.

The most-active Brent contract, for April delivery, was trading at $89.69, up $1.17 or 1.3%.