Oil prices rise as Brent crude trades above $89 per barrel

Brent crude futures rose as much as 1 per cent, reaching US$89.40 per barrel in early trading.

By 0229 GMT, Brent was trading 72 cents higher at US$89.20 a barrel.

Meanwhile, US West Texas Intermediate (WTI) crude futures rose 44 cents to US$82.83 per barrel.

Both Brent and WTI recorded gains of more than 5 per cent last week, with Monday’s gains extending the upward momentum in global crude markets.