Oil closes higher, Brent exceeds $82

Oil drilling rigs

Oil closed positive today, Jan. 30, amid supply concerns in the global markets as geopolitical tensions continued to escalate.

Brent crude for April delivery (the most active) rose 0.8%, or 67 cents, to close at $82.50 per barrel, after rising during trading to $82.84.

WTI crude for March delivery increased by 1.35%, or $1.04, to $77.82 per barrel, after touching $78.14 during the session.

JP Morgan warned of increased uncertainty in the global oil market in repercussion of the conflict in the Middle East and the attacks on Russian facilities, which are likely to affect the country's refining and export capacity.

The American Petroleum Institute's report on oil inventories is expected later today, and the US Energy Information Administration is scheduled to issue official inventory data on Jan. 31, amid expectations that crude inventories will fall by 800,000 barrels.