Oil Prices Set for Seventh Weekly Gains

Oil headed for a seventh weekly gain as investors prices in  fast-tightening market, geopolitical tensions and freezing weather in the U.S.

WTI futures neared sever year high trading above $90 a barrel. Brent on the other hand surged 17% since the beginning of the year trading at over $91 a barrel.

Gain in the oil market this week has been driven by combination of factors from OPEC+ sticking to script on supply increase to intense situation in Ukraine amid concerns Russia might invade, which Moscow denied.