Oil prices continue to rise amid geopolitical tensions

Oil on Monday morning rises in price. By 8:15 am Moscow time, the Brent benchmark rose by $3.41 or 3.16%. The cost of its barrel was 111 dollars 34 cents. A barrel of WTI crude rose $3.45, or 3.3%, to $108.15. Trades on Friday ended with the rise of quotations by 1.2% and 1.7%, respectively. Despite the rise in oil prices on Thursday and Friday, the week ended with a decline of more than 4%. The world oil market is influenced by several factors. First of all, it is the ongoing geopolitical tensions. It creates uncertainty about oil supplies. The difficult epidemiological situation in China may lead to tougher quarantine measures and a drop in oil demand. In addition, it became known that some objects of the Saudi company Saudi Aramco were attacked by the Yemeni Houthis on Sunday. In particular, a blow was dealt to a fuel depot and a gas processing plant.

Source: xCritical.com