Oil prices rise on supply concerns, Brent above $90

Oil prices rose, on Sept. 22, amid exaggerated fears about supplies in case of a global economic recession.

The central banks of US, UK, Switzerland and other countries raised the interest rates over the past hours, in an effort to combat inflation.

However, investors are anxiously awaiting Russia's escalation in Ukraine and its impact on the supply of Russian oil, as media reports stated that President Vladimir Putin plans to start referendums for the occupied regions to join Russia.

Brent crude futures for November delivery rose by 0.7%, or $0.63, to $90.46 a barrel.

US West Texas Intermediate (WTI) crude futures increased 0.7%, or $0.55 a barrel, to $83.49 a barrel.