Brent crude heads towards $90 as supply risks increase

Oil prices continued their gains on Wednesday in light of concerns about supplies in the wake of Ukrainian attacks on Russian refineries and the possibility of expanding the scope of the war in the Middle East, while the meeting of senior ministers of the OPEC+ coalition kept the oil production policy at the current cuts unchanged.

According to Reuters, Brent crude futures for June delivery rose 75 cents, or 0.84%, to $89.67 a barrel by 1130 GMT, while US West Texas Intermediate crude futures for May delivery rose 73 cents, or 0.86%, to $85.88 a barrel.

Brent and West Texas Intermediate crude rose 1.7% in the previous session to their highest levels since October.