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Oil rises, headed for sixth weekly gain, amid supply concerns

Brent crude futures climbed 49 cents, or 0.6%, to $89.83 a barrel at 0310 GMT, after falling 62 cents during the previous day. However, prices did reach $91.04 earlier in that session, the highest since October 2014.

January 28, 2022 / 09:17 AM IST
Representative image

Representative image

Oil prices rose on Friday, set for their sixth weekly gain, amid concerns of tight supplies as major producers continue their policy of limited output increases amid rising fuel demand.

Brent crude futures climbed 49 cents, or 0.6%, to $89.83 a barrel at 0310 GMT, after falling 62 cents during the previous day. However, prices did reach $91.04 earlier in that session, the highest since October 2014.

U.S. West Texas Intermediate (WTI) crude futures rose 62 cents, or 0.7%, to $87.23 a barrel, having declined 74 cents on Thursday. WTI also reached a seven-year high of $88.54 earlier in the session.

Both Brent and WTI are set to rise for a sixth week, the longest weekly streak since October, when Brent prices climbed for seven weeks while WTI gained for nine.