Oil rises, heads for best month since Feb 2021 on supply concerns

Oil rose more than 1% on Monday to near 7-year highs hit in the previous session, while supply concerns and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.

According to Reuters, Brent crude rose $1.07, or 1.2%, to $91.10 a barrel at 0325 GMT, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day.

The most-active Brent contract, for April delivery , was trading at $89.51, up 99 cents or 1.1%.

U.S. West Texas Intermediate crude added $1.07, or 1.2%, to $87.89 a barrel, having gained 21 cents on Friday.

The benchmarks recorded their highest levels since October 2014 on Friday, $91.70 and $88.84, respectively, and their sixth straight weekly gain. They were headed for about 17% gains this month, the most since February 2021.

Major producers in the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, have raised their output target each month since August by 400,000 barrels per day (bpd) as they unwind record production cuts made in 2020.