Oil rises as geopolitical concerns mount in Europe

Oil drilling rigs

Oil prices rose today, Nov. 15, amid heightened geopolitical concerns in Europe and supply fears. According to media reports, US officials said two Russian missiles crossed the border of Poland, which is a NATO member.

Meanwhile, Hungarian refiner MOL said a section of the Druzhba pipeline was temporarily suspended due to a power outage.

Oil prices declined in early trading after the International Energy Agency (IEA) warned that the outlook for global oil demand faces strong headwinds in the next few months, with the prospects of economic recession and stronger dollar.

Brent crude futures for January delivery rose 0.8%, or 72 cents, to close at $93.86 a barrel. WTI crude for December delivery increased by 1.2%, or $1.05, to $86.92 a barrel.