Oil continues its rally as prices trade at seven-year high on supply concerns – The National

Oil continues its rally as prices trade at seven-year high on supply concerns – The National

Oil continued its rally for the sixth week in a row as prices traded near a seven-year high amid expectations of tighter supply due to geopolitical tensions in Eastern Europe over the Ukraine crisis.

Brent, the benchmark for two thirds of the world's oil, settled 0.77 per cent higher at $90.03 per barrel when markets closed on Friday. West Texas Intermediate, the gauge that tracks US crude, was up 0.24 per cent to trade at $86.82 per barrel.

“Crude prices have been on fire, rising for a sixth straight week as the demand outlook improves and over geopolitical fears could lead to severe production disruptions,” said Edward Moya, senior market analyst at Oanda.