Oil closes higher, but logs fourth consecutive monthly loss

Oil drilling rigs

Oil closed higher today, Feb. 28, amid concerns about weak Russian supplies in conjunction with the recovery in demand.

Poland announced it would end purchases of Russian oil in February and March, and Indian refiners are facing more difficult demands from funders, amid concerns about violating Western sanctions.

Russia is scheduled to start implementing plans to reduce oil production by 500,000 barrels per day, starting in March, as part of the response to Western sanctions.

A Reuters survey revealed that OPEC's oil production rose by 150,000 barrels per day in February.

Oil prices were hit this month by expectations of continued tightening of monetary policy by central banks, which threatens economic growth prospects.

Brent crude futures for April delivery rose 1.7%, or $1.44, to settle at $83.89 a barrel, but the next-month contract fell 1.8% in total February trading.

US West Texas Intermediate (WTI) crude for April delivery rose 1.8%, or $1.37, at $77.05 a barrel, but fell 2.3% in February, posting its fourth consecutive monthly loss.