Oil prices rise, Brent crosses $94

Oil drilling rigs

Oil prices advanced on Monday despite easing geopolitical tensions and amid reports that OPEC+ showed increased compliance with output agreement in January.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) compliance with oil production cuts rose to 129% in January compared to 122% in December and 117% in November, Reuters reported, citing a source from the producer group.

The French government said in a press statement that President Emmanuel Macron will work with the relevant authorities to prepare for the summit between US President Joe Biden and Russia’s Vladimir Putin to discuss security and strategic stability in Europe.

Meanwhile, Moscow announced over the weekend that its forces would remain in Belarus indefinitely.

Separately, Chief Executive Officer of Vitol Russell Hardy told Bloomberg that oil may record a level above $100 a barrel for a prolonged period, with expectations of global demand rising to a record level this year.

In terms of trading, Brent crude was up 0.53% at $94.04 per barrel, at 3.05 pm Makkah time.

West Texas Intermediate (WTI) crude rose 0.49% to $91.52 a barrel.