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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.<\/p>\n<\/div>\n
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.<\/p>\n
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.<\/p>\n
Oil prices are rising, mainly due to the decision of the major oil producers to continue their policy of limited production growth.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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. <\/p>\n
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