Brent crude also increased by $1.37 and reached $89.57 a barrel, following hitting $89.60, the highest level since October 2014.
US West Texas Intermediate crude rose $1.13, to $86.73 a barrel.
In turn, Director General of Research at Nissan Securities, Hiro Yuki Kikukawa, said, “The downward trend of the market is limited due to the increasing tension between Russia and Ukraine and the threat to infrastructure in the UAE.”
Market sources said that data from the American Oil Institute revealed, yesterday, that US crude stocks fell by 872,000 barrels, which sheds light on the lack of supply and the balance of demand.
Also, investors are awaiting an announcement on monetary policy from the Federal Reserve (the US central bank), which is expected to hint at plans to increase interest rates in March with its focus on fighting inflation.
