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Oil hovers near 7-year highs, headed for best month since Feb 2021

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Reuters UK

By Yuka Obayashi and Mohi Narayan TOKYO (Reuters) -Oil rose more than 1% on Monday to the near 7-year highs hit in the previous session, while supply concerns and political tension in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year. Brent crude rose $1.28, or 1.4%, to $91.31 a barrel at 0721 GMT, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day. The most-active Brent contract, for April delivery, was trading at $89.62, up $1.1 or 1.2%. U.S. West Texas Intermediate crude added $1.14, or 1…

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