In the oil market, 7 weeks of price increases and still rising prices

Oil prices on fuel exchanges are rising after increases have already finished the 8th week. There are growing geopolitical tensions associated with the situation of Ukraine and US warnings that there may soon be a Russian invasion of this country," the brokers inform.

West Texas Intermediate oil supply for March costs $94.43 on NYMEX in New York, higher by 1.43 percent. Previously, WTI price increased by 2% to $94.94 per barrel, the highest level since September 2014.

Brent on ICE in London in deliveries for April is valued at $95.51 per barrel, higher by 1.13%.

Analysts point to growing concerns about the increasing presence of Russian military forces in Ukraine and near its border.

Ukraine is expected to hold a meeting within 48 hours with Russia and all the countries that are parties to the OSCE Vienna Document to discuss the deployment of Russian troops at the Ukrainian borders," Dmytro Kuleba reported on Sunday.

On Friday, the Lithuanian MFA reported that Lithuania, Latvia and Estonia asked Belarus to explain the issue of an unusual concentration of armed forces in its territory. Since Thursday there have been Russian-Belarusian maneuvers.

Meanwhile, US President Joe Biden confirmed his support for sovereignty and territorial integrity with Ukrainian President Volodymyr Zelenski on Sunday. Ukraine and assured a firm response to Russia's possible further aggression.

Biden made it clear that the United States would respond quickly and decisively, along with allies and partners, to any further Russian aggression against Ukraine.

The leaders of the USA and Ukraine also agreed to continue both diplomatic activities and deterrence in the face of the deployment of Russian troops around the borders of Ukraine.

U.S. National Security Advisor Jake Sullivan pointed out in CNN on Sunday that there is "a clear opportunity" to take on a major military action in the near future, and Washington has already long warned that Russia's attack on Ukraine may be imminent. Moscow, however, has repeatedly denied that it plans to attack its western neighbour.

"Now oil of 100 USD is at hand," says Howie Lee, economist of Overseas Chinese Banking Corp.

Lee warns that if there is an open armed conflict between Russia and Ukraine, the price of oil could well exceed $100/b.

The strategies of Goldman Sachs Group Inc. indicate that signs of a physical oil shortage have begun to appear.

Source: PAP