Oil prices today jumped as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output.
Brent crude futures rose by 1 per cent, to US$88.76 a barrel, reversing a 0.6 per cent loss on Friday. US West Texas Intermediate (WTI) crude futures gained 1 per cent, to US$86.00 a barrel, having fallen 0.5 per cent on Friday.
Both crude benchmarks rose for a fifth week in a row last week, gaining around 2 per cent to hit their highest since October 2014.
Prices are up more than 10 per cent so far this year already on the concerns over tightening supplies.
Meanwhile, OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) with Russia and other producers, is struggling to hit its monthly output increase target of 400,000 barrels per day.
In the United States, petroleum inventories have continued to slide over the last month, while energy firms cut oil rigs this week for the first time in 13 weeks.
Analysts expect cold weather will boost heating demand over the next few weeks