Crude oil prices on Monday inched up over 1% after hitting 7-year high in previous session amid concerns on tight supply and geopolitical tensions.
WTI crude oil futures inched up by 1.39% to $88.04 while Brent futures inched up by 1.44% to $91.33.
“Underlying anxiety about global supply shortages, coupled with ongoing geopolitical risks, have caused the market to start the week on a strong note,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd to Reuters.
“With an expectation that OPEC+ will keep the existing policy of gradual increase of production, oil prices will likely stay on a bullish sentiment this week,” he said, predicting Brent to remain above $90 a barrel and WTI to head toward $90.