Oil prices rose in global markets, on Friday evening, by about 3% to reach their highest levels in seven years, as a result of mounting fears of an invasion of Ukraine by Russia, the largest energy producer, and increasing concerns about the scarcity of global crude supplies.
Futures Brent crude closed up by $3.03, recording $94.44 a barrel, and the US West Texas Intermediate crude price rose $3.22 to $93.10 a barrel, bringing the two benchmarks to their highest levels since late 2014.
The Organization of Petroleum Exporting Countries “OPEC” warned the past two days that global demand for oil may rise significantly this year due to the strong economic recovery, noting that Saudi Arabia and the UAE could help calm volatile oil markets if they pumped more crude.
Adapted from Reuters Agency