Oil rises to 7-year high as Turkey outage adds to tight supply outlook

Oil rises to 7-year high as Turkey outage adds to tight supply outlook
# 19 January 2022 08:24 (UTC +04:00)

Oil prices rose for a fourth day to a seven-year high as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.

Brent crude futures rose $1.04, or 1.2%, to $88.55 a barrel at 0351 GMT, adding to a 1.2% jump in the previous session. The benchmark contract climbed to as much as $89.05, its highest since Oct. 13, 2014.

U.S. West Texas Intermediate (WTI) crude futures climbed $1.15, or 1.4%, to $86.58 a barrel, adding to a 1.9% gain on Tuesday. WTI earlier jumped to a high of $87.08, its highest since Oct. 9, 2014.

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