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Jan. 18, 2022, 2:40 p.m. EST

U.S. oil prices mark highest settlement since 2014

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By Myra P. Saefong

Oil prices rose Tuesday to mark their highest settlement since 2014. "A lot of fundamentals just flipped to bullish and that could have oil prices continue to push higher," said Edward Moya, senior market analyst at OANDA. "The Houthi drone attack on the UAE reignited worries about potential supply disruptions in the region," and OPEC+ is falling short of hitting their production quotas, he said. "It seems a handful of countries and regions, such as UAE, Libya, Kazakhstan, Canada and North Dakota can have a disruption in crude production at any time from geopolitical tensions or due to cold weather," he added. February West Texas Intermediate crude climbed by $1.61, or 1.9%, to settle at $85.43 a barrel on the New York Mercantile Exchange. That was the highest front-month WTI contract finish since October 2014, FactSet data show.

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