Reuters In the commodity markets, oil prices remained strong and set for their sixth weekly gain amid concerns about tight supplies as major producers continue to limited output despite rising demand.
Brent crude futures climbed 1.9%, to $91 a barrel - its highest level since October 2014.
A sixth week of gains will also mark the longest weekly winning streak for Brent since October last year, when prices climbed for seven weeks while U.S. WTI prices gained for nine.
This year, prices have risen about 15% amid geopolitical tensions between Russia, the world’s second-largest oil producer and a key natural gas provider to Europe, and the West over Ukraine, as well as threats to the United Arab Emirates from Yemen’s Houthi movement that have raised concerns about energy supply.
“Where Brent crosses the $90 level, we see some selling from a sense of accomplishment, but investors start buying again when the prices fall a little as they remain cautious about possible supply disruptions due to rising geopolitical tensions,” said Tatsufumi Okoshi, senior economist at Nomura Securities.
“The market expects supply will stay tight as the OPEC+ is seen to keep the existing policy of gradual increase in production,” he said.
The market is focusing on a Feb. 2 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+. It is likely to stick with a planned rise in its oil output target for March, several sources in the group told Reuters.