Crude oil prices advanced on Friday setting for their sixth weekly gains on concerns of tight supplies as major cartels continue to limit output.
Brent crude futures inched up by 0.55% to $89.33 per barrel while WTI is up by 0.61% to $87.15 per barrel.
“Where Brent crosses $90 level, we see some selling from a sense of accomplishment, but investors start buying again when the prices fall a little as they remain cautious about possible supply disruptions due to rising geopolitical tensions,” said Tatsufumi Okoshi, senior economist at Nomura Securities, according to Reuters.
“The market expects supply will stay tight as the OPEC+ is seen to keep the existing policy of gradual increase in production,” he said
