Brent oil reaches $90.92 per barrel

Oil prices changed slightly on Monday morning after rising on Friday and throughout last week, Report informs via Interfax.

December futures for Brent rose in price on the London ICE Futures exchange by $0.03 (0.03%), to $90.92 per barrel.

By this time, November futures for WTI had risen in price on the New York Mercantile Exchange NYMEX by $0.01 (0.01%), amounting to $87.68 per barrel.

Over the past week, Brent quotes rose by 7.5%, and WTI went up by 5.9%.

Friday's surge in oil prices was driven by rising geopolitical risks, Senior Research Analyst at FXTM Lukman Otunuga told MarketWatch.

Rising tensions in the Middle East, which supplies almost a third of the world’s oil supply, are keeping prices high, and tough US sanctions on Russian oil exports are adding upward pressure, the expert noted.

According to oil services company Baker Hughes, over the past week, the number of active oil drilling rigs in the United States increased by 4 and amounted to 501. The number of gas installations decreased by 1, to 117.