Oil on Track For Sixth Weekly Gain – 27 January, 2022

Oil prices were set for their sixth week of gains on concerns of tightening supply amid an increase in demand while major producers continue their policy of limiting output. Brent crude futures were 49 cents or 0.6% higher at $89.83 per barrel, having fallen 62 cents the previous session. Prices did however reach as high as $91.04 earlier in that session, its highest since late 2014. U.S. West Texas Intermediate crude futures were up 62 cents or 0.7% to $87.23 per barrel. It reached a seven year high the previous session at $88.54 before falling 74 cents.