Oil futures settled higher Friday, boosted by supply constraints as well as a looming concern of a Russian attack on the neighboring country Ukraine. “There has been a bump up in the geopolitical risk factor that is boosting prices,” said John Kilduff, a partner at Again Capital Management in New York.
Brent crude futures settled up $1.59 (+1.9%) to $86.06 a barrel, up 5.4% over the past week. WTI crude gained $1.70 (+2.1%) to $83.82 per barrel, up +6.3% over the past week. “People looking at the big picture realize that global supply versus demand situation is very tight and that’s giving the market a solid boost,” said Phil Flynn, senior analyst at Price Futures Group.