1/23, 1:50 PM (Source: TeleTrader)
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Oil rises on tight supply worries

The prices of oil futures increased on Monday, with further curbs on Russian oil looming as the West agreed to review the price ceiling levels again in March. Russia's oil sale ban on those who concord with the cap is expected to come into force on February 1.

Meanwhile, previous upbeat data from China offset demand fears, as investors seemed hopeful that the economy of one of the largest oil importers in the world is on a recovery path.

West Texas Intermediate (WTI) for settlements in March added 0.88% to sell for $82.36 per barrel at 7:38 am ET, while Brent for the same month's deliveries gained 0.87% to go for $88.39 per barrel a minute later.

Baha Breaking News (BBN) / AY