Oil rises as geopolitics counter demand concerns

 LONDON (Reuters) -Oil prices rose on Monday as traders weighed the impact of wars in the Middle East and Ukraine on oil supply against economic headwinds dampening global oil demand.


Brent crude rose 90 cents to $79.46 a barrel by 1450 GMT.


The front-month U.S. West Texas Intermediate crude futures contract for February delivery was up $1.10 at $74.42 a barrel in tepid trade, with the contract set to expire on Monday. The more active March WTI contract was up 91 cents at $74.16.


“While oil prices have firmed up a little, it is strange that they have not risen further, given the rising geopolitical tensions in the Middle East,” said Gary Dugan, chief investment officer at Dalma Capital.


“Part of the reason why oil prices have remained in check could be the market’s anticipation that global growth is slowing.


https://www.globalbankingandfinance.com/oil-rises-as-geopolitics-counter-demand-concerns/

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