Oil Holds Near 2014 High as OPEC+ Sticks to Measured Hikes
- JPMorgan sees oil at $120 if geopolitical tensions rise
- Total U.S. crude stockpiles fell 1.05 million barrels: EIA
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Oil held near a fresh seven-year high as OPEC+ agreed to another modest increase in output while continuing tension along the Russia-Ukraine raised geopolitical concerns.
West Texas Intermediate edged higher, settling above $88 a barrel after touching a fresh high since 2014 earlier in the session. Crude’s rally comes as heightened geopolitical risks are driven by fears that Russian forces may invade Ukraine, which could spark retaliatory sanctions by the U.S.