Oil gains over 1%, Brent exceeds $82

Oil drilling rigs

Oil closed positive today, Feb. 26, amid fresh supply concerns as the US announced that the Houthis targeted a tanker, flying the US flag, on Feb. 24.

Brent crude for April delivery rose 1.1%, or 91 cents, to close at $82.53 per barrel, after touching $81.02 during the session.

WTI crude for April delivery increased by 1.45%, or $1.09, to $77.58 per barrel, after declining earlier to $75.84.

Goldman Sachs raised its forecast for the peak price of Brent crude during the summer by $2 to $87 per barrel, as tensions in the Red Sea contribute to more-than-expected withdrawals from commercial stocks in OECD countries.

Phil Flynn, Analyst at Price Futures Group, expects that American refineries would begin production by March, after completing the planned repair operations. He noted that the demand in the markets is very strong, according to Reuters report.