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Oil Prices Rise On Supply Fears

Oil prices rose slightly on Monday amid fading Omicron fears and lingering concerns over tightening supplies on the back of geopolitical tensions in Eastern Europe and the Middle East.

Brent crude futures for April delivery rose 27 cents, or 0.3 percent, to $87.35 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for March settlement were up 27 cents, or 0.3 percent, at $85.41.

Both crude benchmarks rose for a fifth week in a row last week amid demand optimism and signs of dwindling supplies.

The World Health Organization (WHO) has for the first time in a while indicated that the pandemic could come to an 'end' in Europe after the current Omicron-driven wave passes over.

The U.S. State Department announced Sunday evening it would reduce staff levels at the U.S. Embassy in Kyiv, Ukraine, beginning with the departure of nonessential staff and family members due to the threat of military action from Russia.

In the Middle East, the United Arab Emirates (UAE) government has ordered to stop all flying operations of private drones and light sports aircraft in the Gulf country for a month, following a deadly drone attack last week by Yemen's Houthis on the Gulf country.

Also, OPEC and its allies continued to struggle to raise their output in line with targets, helping keep sentiment in the oil market bullish.

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