Crude oil futures rise for a seventh consecutive session, supported by political risk in the Mideast and expectations of a near-term increase in demand.
With supply constraints from OPEC and Russia, the likely seasonal pickup in demand after Feb. 15, and geopolitical risk as the Israel-Hamas war shows no signs of a ceasefire, the upside for crude outweighs the downside, says Dennis Kissler of BOK Financial, Dow Jones Newswires cited today (Feb 14).
A move above key moving averages also provided technical support for the rally, Kissler added.
WTI for March delivery settles up 1.2% at USD77.87 a barrel and April Brent rises 0.9% at USD82.77 a barrel.
