Oil near $86 amid growing concerns about supplies

Oil prices rose in Asian trading today, Monday, due to fears of a scarcity of global supplies, as it approached $86 amid increasing concerns about supplies due to the escalation of the conflict in the Middle East and the war between Russia and Ukraine, while the decrease in the number of American oil exploration platforms led to upward pressure on oil prices. the prices.

According to Reuters, Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, said, “The escalation of geopolitical tension, in addition to the increase in attacks on energy facilities in Russia and Ukraine as hopes for a ceasefire in the Middle East decline, has raised Concerns about global oil supplies.”

He added, “The decrease in the number of American drilling rigs also increased concerns about the scarcity of supplies.”

Data from energy services company Baker Hughes showed the number of US oil rigs fell by one rig to 509 last week, indicating lower supplies in the future.