Brent rises to $64.19 per barrel

Oil prices are stable amid easing tensions around Iran and a general shift by investors away from risk due to the situation surrounding Greenland, claims to which have been voiced by US President Donald Trump.

Report informs via Interfax that trading activity on Monday may be lower than usual, as US exchanges are closed for a public holiday (Martin Luther King Jr. Day).

As of 09:15 Baku time (GMT+4), March futures for Brent crude on the ICE Futures exchange in London were trading at $64.19 per barrel, up $0.06 (0.09%) from the previous session"s close. On Friday, these contracts rose by $0.37 (0.58%) to $64.13 per barrel.

February futures for WTI crude on the New York Mercantile Exchange (NYMEX) increased by $0.05 (0.08%) to $59.49 per barrel by that time. At the close of the previous session, they had gained $0.25 (0.42%) to $59.44 per barrel.

The market remains caught between two opposing factors: on the one hand, rising geopolitical risks, and on the other, increasing oil production and inventories, notes Robert Rennie, an analyst at Westpac Banking. According to him, a sharp escalation of tensions around Iran could push prices above $70 per barrel, but in the short term, market participants" focus has shifted to Greenland, which is seen as a "bearish" factor.