SINGAPORE- Middle East crude benchmarks Oman and Dubai extended gains on Thursday, as strong demand from TotalEnergies in the Platts window continued to support prices.
Global benchmark Brent crude oil traded at a seven-year high of about $90 a barrel on Thursday as the Ukraine crisis supported prices despite signs that the U.S. Federal Reserve will tighten monetary policy.
OPEC+ will probably stick with a planned increase in its oil output target for March when it meets on Wednesday next week, several sources from the producer group said, as it sees demand recovering despite downside risks from the pandemic and looming interest rate rises.
U.S. crude oil and gasoline inventories rose last week, alleviating a bit of the market's concerns about supply, though fuel demand surged close to record highs, the Energy Information Administration said on Wednesday.
(Reporting by Roslan Khasawneh; Editing by Ramakrishnan M.) ((firstname.lastname@example.org; Reuters Messaging: email@example.com))