By Yuka Obayashi

TOKYO (Reuters – Oil prices rose Friday to their sixth weekly increase, as concerns over tight supplies continue. Major producers are continuing their policy of limiting production increases in the face of rising fuel demand.

Futures rose 49 cents or 0.6% to $89.83 per barrel at 0310 GMT. This was after dropping 62 cents the day before. The prices reached $91.04 at 0310 GMT, their highest point since October 2014.

U.S. West Texas Intermediate crude oil futures increased 0.7% to $87.23 per barrel. They had fallen 74 cents Thursday. WTI reached an all-time high of $88.54 in this session, which was also a record for the past seven years.

Brent and WTI will rise for the sixth week. This is the longest streak of weekly increases since October when Brent prices rose for seven weeks, while WTI gained nine.

The geopolitical tensions that Russia has with Europe and Ukraine, second in oil production, have caused prices to rise by about 15%. There have also been threats from the Houthi group to the United Arab Emirates, raising concerns over energy supplies.

Tatsufumi OKoshi, Nomura Securities senior economist, said that Brent crosses the $90 mark and there is some selling. However, investors buy back when prices drop a bit as they are cautious about supply disruptions caused by rising geopolitical tensions.

“The market anticipates that supply will remain tight, as the OPEC+ policy of gradual increasing production is maintained,” he stated.

The Market is focusing its attention on the February 2, 2019, meeting of the Organization of the Petroleum Exporting Countries and Russia’s allies, also known as OPEC+.

Several sources within OPEC+ told Reuters that OPEC+ will likely continue to increase its March oil production target.

Producer nations are increasing their oil production to cash in on high-priced crude, which has reduced the buffer of reserve capacity that helps protect the market against sudden shocks. This has increased the possibility of fuel shortages and price spikes.

According to analysts, officials at oil companies and experts, China could see a rebound in imports this year. China is the largest importer worldwide of the commodity. This would reverse 2021’s unusual decline.