World oil prices on Tuesday morning rose on the prospects of increased demand and its insufficiently growing supply in the market.
Report informs that the price of Brent crude April futures increased by 0.53% to $85.88 per barrel, while WTI March futures went up 0.4% to $83.63.
Investors are looking forward to the upcoming OPEC+ meeting scheduled for February 2. Since August, the alliance has been increasing its total oil production by 400,000 barrels per day every month. The Wall Street Journal writes that global production, in general, will increase at a slow pace.
Besides, analysts say the oil price is rising amid signs of growing uncertainty around relations between Russia and Ukraine.