The prices in the oil market have increased as traders became concerned about tensions between Russia and Ukraine.
3.22 U.S. dollars, or 3.6 percent, was added for March delivery by The West Texas Intermediate (WTI), which stands for 93.10 dollars a barrel on the New York Mercantile Exchange. In like manner, 3.03 dollars, or 3.3 percent, was added for April delivery by Brent crude, to settle at 94.44 dollars a barrel on the London ICE Futures Exchange.
The issue over tensions on the Russia-Ukraine border hasn't been resolved yet, despite the diplomatic efforts arranged in this regard looking for a peaceful ending.
Oil prices have also been supported after a warning made by the International Energy Agency (IEA) claiming that the gap between OPEC+ (Organization of the Petroleum Exporting Countries) production and its target levels rose in January.
According to IEA reports, it is expected such shortage to deepen as some OPEC+ members have been facing production restrictions, which has aggravated market tightness.
For the week, the U.S. crude benchmark has risen 0.9 percent, while Brent has advanced 1.3 percent, based on the front-month contracts.