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Oil prices have risen amid concerns about a further drop in oil supplies due to geopolitical tensions sparked by the Russia-Ukraine crisis.
International standard crude oil ‘Brent’ traded at $ 88.59 per barrel this morning, marking an increase of 0.48 percent compared to $ 88.17 per barrel in the previous period, reports atsh.
The American standard ‘West Texas Intermediate’ (WTI) traded at $ 87.17 per barrel, marking an increase of 0.65 percent compared to $ 86.61 per barrel in the previous period.
Oil prices are rising, mainly due to the decision of the major oil producers to continue their policy of limited production growth.
The ongoing crisis between Russia and Ukraine has also raised concerns about a compromise on gas supplies to Europe in response to possible sanctions against Russia.
U.S. Department of Defense spokesman John Kirby in the last 24 hours announced a Russian military build-up in regions near the Ukraine-Belarus border.
Meanwhile, investors are focused on the meeting scheduled on February 2 of the OPEC group and allies, OPEC +. The group is trying to reach its target production quota of 400,000 barrels per day.
Experts predict that in March, the OPEC + group will stay true to its current production policy, although supply will continue to shrink in the face of growing demand.
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