Supply Disruptions and Geopolitical Tension Lift Oil Prices- 24 January, 2022

Oil prices were on the rise after a drop during the previous session due to concerns over possible supply disruptions amid rising geopolitical tensions in both Eastern Europe and the Middle East. Brent crude was 48 cents or 0.6% higher to $86.75 per barrel, having fallen 1.8% the previous session. U.S. West Texas Intermediate crude rose 34 cents or 0.4% to $83.65 per barrel, reversing the 2.2% fall the previous session. Oil prices were at a seven year high last week, supported by tighter global supply and resurgent demand.