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Published: 31 January 2022
After an increase of 69 cents on Friday, the benchmark Brent crude rose 92 cents, or 1.0 percent, to $ 90.95 a barrel. Oil prices rose, today, to approach the highest levels in more than 7 years, which were recorded in the previous session.
US West Texas Intermediate crude rose 99 cents, or 1.1 percent, to $87.81 a barrel, after rising 21 cents on Friday.
On Friday, both benchmarks hit their highest level since October 2014.
The major producers in the Organization of the Petroleum Exporting Countries, "OPEC" and its allies led by Russia in what is known as "OPEC +", are seeking to raise their production levels.
Tensions between Russia and the West have pushed up oil prices.
It is noteworthy that the dispute between Russia, which is the second largest oil producer in the world, and the West over Ukraine has raised fears of a possible shortage of energy supplies in Europe.