Oil continues to rise as recovering demand and geopolitical crises create anxiety in the markets.
While oil markets are preparing to start the new week with an upward trend in an environment where global demand remains strong, and tensions in Ukraine continue, Brent oil is on track to close January with its best performance in 30 years.
Global prices rose 1.1 percent after a 6-week gain, reaching the highest level since 2014. West Texas Oil was up 2% last week to approach $88.
Expectations that Russia, which has a military build-up of more than 100 thousand on the Ukrainian border, will invade the country raise concerns that it will upset the energy supply chain. According to the Pentagon, Moscow continued to increase the number of troops on the border over the weekend. The crisis will be discussed at the United Nations Security Council today. Leading banks and oil companies state that the price per barrel for oil, which continued to increase throughout January with the tightening global markets, may soon exceed 100 dollars.