Brent crude rises, but still below $87

25/01/2022 Argaam

Oil drilling rigs

Oil prices rose on Tuesday, bolstered by tight worldwide supply and resurgent global demand.

 

Brent crude futures rose 0.6% to $86.87 a barrel at 8.55 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures climbed 0.5% to $83.71 a barrel.

 

“We see profit-taking when the prices move higher, but buying appetite for oil remains solid as investors are worried about supply disruptions in the event of a Russia-Ukraine conflict,” Reuters reported, citing Chiyoki Chen, chief analyst at Sunward Trading.

 

Portfolio investors added to their bullish positions in oil for the fifth week running, as the worst of the latest wave of coronavirus infections passed and governments began to lift restrictions on business and travel.

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