The price of oil is approaching $ 90 a barrel, the highest level in the last 7 years

Oil prices climbed to a 7-year high above $ 90 a barrel on Wednesday, supported by scarce supplies and geopolitical tensions in Europe and the Middle East, increasing fears of further supply disruptions.

US President Joe Biden said Tuesday he would take in Consider sanctions against President Vladimir Putin if Moscow invades Ukraine, as Western leaders have stepped up military preparations and drawn up plans to protect Europe from a potential energy supply crisis.

Brent crude rose more than 2% to over $ 90 a barrel, for the first time since 2014, after hitting $ 89.60, its highest level since October 2014. West Texas Intermediate crude rose 2, 13% at $ 87.17 a barrel.

Market sources said data from the American Petroleum Institute revealed yesterday Tuesday that crude oil inventories fell by 872,000 barrels, which puts in light the lack of supply and the balance of demand. The Energy Information Administration publishes its procurement report today.

Investors are also in expect a monetary policy announcement from the Federal Reserve (Central Bank) at 1900 GMT.

The Fed is expected to suggest plans to raise interest rates in March focusing on fighting inflation.

In another major development, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or the group known as OPEC +, gathered on February 2 to discuss another increase in production.

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