Oil: Brent crude settled at $89.82 a barrel

Oil prices continued to rise on Friday, in light of geopolitical tensions between Russia and Ukraine, followed by concerns over crude supplies.

Brent crude future contracts for March delivery rose by 0.54 percent to settle at $89.82 a barrel.

In turn, the price of future contracts for West Texas Intermediate crude for March delivery rose by 0.40 percent to settle at $86.96 a barrel.

Yesterday, Thursday, black gold prices were briefly affected by the rise in the dollar, before recovering quickly on Friday.

Some analysts considered that “there are no new reasons for explaining the rise in oil prices, other than the geopolitical situation in light of the escalation of tensions on Ukraine’s borders and the attendant fears about the decline in energy supplies.”

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