WASHINGTON (dpa-AFX) - Oil prices hovered near 7-year highs on Monday and headed for their best month since February 2021 on concerns over tight supply and geopolitical tensions in Easter Europe and the Middle East.
Benchmark Brent crude futures rose about half a percent to $88.94 a barrel, while WTI crude futures were up half a percent at $87.28.
Oil prices headed for a monthly gain of around 17 percent amid the Russia-Ukraine tensions and signs that OPEC won't meet its production targets.
At its February 2 meeting, OPEC+ is likely to stick with a planned rise in its oil output target for March.
Investors remain worried over Europe's energy security amid standoff with Russia.
After the United Kingdom warned it was 'highly likely' that Russia, the continent's biggest natural gas supplier, was looking to invade Ukraine in 'lightening war', the head of NATO has said Europe needs to diversify its energy supplies.
The European Union depends on Russia for about a third of its gas supplies and any interruption would exacerbate an existing energy crisis caused by a shortage.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
