Oil surged to seven-year highs on persistent supply concerns

International benchmarks for crude oil hit the highest levels in seven years on Friday, 4 February 2022 on the back of the persistent supply concerns. The political turmoil at several key global oil producers coupled with the frigid US weather fueled more fear of a tighter supply outlook. Meanwhile, it is expected that Chinese refineries would return to make replenishment after the long Lunar New Year holiday. 

Brent gained $2.16 or 2.4% to close at $93.27/barrel. 

WTI settled $2.04 higher or 2.3% at $92.31/barrel.