WASHINGTON (dpa-AFX) - Oil prices rose on Friday and headed for a seventh weekly gain amid signs of a fast-tightening market as frigid weather swept across large swathes of the United States.
Benchmark Brent crude futures jumped 1.6 percent to $92.57 a barrel, while WTI crude futures were up 1.7 percent at $91.80.
Oil prices are being bolstered by supply concerns and increasing geopolitical tensions.
A massive winter storm across central and northeast United States disrupted oil production in the Permian Basin, raising concerns over disruptions in crude supplies.
Elsewhere, French President Emmanuel Macron will go to Moscow for talks with Russian President Vladimir Putin and find a diplomatic way out of the growing tensions, his office said. He will then visit Ukraine's leader a day later in fresh push to avert conflict.
Meanwhile, analysts said that an explosion on a Nigeria oil-producing vessel with a daily capacity of 22K BPD will not make a significant interruption to global supply.
Nigeria has already been struggling to meet its production quota due to lack of investment.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
