Market sentiment continued to support oil prices to record an increase of more than 1% at the opening of trading earlier in the week, maintaining its position at the almost 7 -year high level reached previously.
Entering the European session, Brent crude futures jumped 1.2% to $ 91.20 a barrel, while US WTI traded strong at $ 87.88 a barrel.
Both benchmarks have touched their latest highs since October 2014 on Friday, where they reached $ 91.70 a barrel and $ 88.84 a barrel, respectively.
The market's focus is now shifting to the monthly meeting of the National Petroleum Exporting Organization (OPEC) and its Russian ally, known as OPEC+ this week.
OPEC+ is expected to stick to the current production implemented since August last year, with an additional 400,000 barrels a day.
Meanwhile, the current price increase has made analysts see that oil prices have shown signs of ‘overheating’ following expectations of severe petroleum shortages this year.
