Oil remains near highs at the beginning of a new trading week

On Monday, oil prices remained stable at $89 per barrel after jumping to seven-year highs last week. 

The current Brent quote is $88.90, North American WTI oil is trading near $87.30 per barrel. 

Both brands of oil rose in price for the sixth week in a row. Since the beginning of the year, their cost has risen by about 16%, while the growth rate at the end of the month may be the highest since February 2021.

The main support for commodity assets is provided by concern due to problems with oil supplies, coupled with continuing geopolitical risks. An additional growth factor was a sharp cold snap in the United States, which increases the demand for fuel.

This week, on February 2, an important event for the oil market will take place – a meeting of OPEC+ ministers. Market participants expect that the alliance countries will decide to continue to increase their total production by the planned 400 thousand barrels per day on a monthly basis.