Oil prices rise amid fears of escalation of the war in Ukraine.

Oil prices have slightly increased due to rising oil inventories in the US and geopolitical risks associated with the conflict between Russia and Ukraine.

According to a Reuters report, prices for Brent crude futures rose by 16 cents to $72.97 per barrel. Prices for West Texas Intermediate crude futures also increased by 16 cents to $68.91 per barrel, reports Economic Truth.

'Regarding oil, the risk is that Ukraine will target Russian energy infrastructure, while another risk is the uncertainty about how Russia will respond to these attacks,' analysts at ING noted.

Experts at JPMorgan stated that oil consumption rebounded last week due to increased travel demand in the US and India, as well as a significant rise in industrial demand in India.

'According to experts, global oil demand is expected to reach 103.6 million barrels per day during the first 19 days of November, which is 1.7 million barrels per day more than last year,' the report states.

However, the increase in demand is hindered by rising oil inventories in the US, which increased by 545 thousand barrels to 430.3 million barrels during the week ending November 15.

According to Reuters, analysts expected an increase in inventories of 138 thousand barrels.

The Norwegian company Equinor reported a complete recovery of oil production at the Johan Sverdrup field in the North Sea after the power supply was restored.

In the meantime, OPEC+ may postpone increasing oil production due to weak global oil demand, which could occur at the meeting on December 1.