Brent Crude Trades Near Highest Since 2014 on Tightening Market
- Trader Vitol says high prices justified, could climb further
- Brent futures trade above $86 after adding 1.9% on Friday
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Oil prices edged higher on Monday, with Brent trading near its highest level since 2014 as the market tightened and concerns about the impact of omicron eased.
Futures in New York ended above $84 a barrel after a thin trading session due to the Martin Luther King Jr. Day holiday in the U.S., with trades only to be settled on Tuesday. Brent steadied above $86 following a fourth weekly rally as winter temperatures supported demand for heating fuels. Meanwhile, geopolitical jitters returned as Yemen’s Houthi fighters claimed to have launched drone strikes on the United Arab Emirates that caused an explosion and fire on the outskirts of the capital Abu Dhabi, leaving three people dead.