At the end of January, the largest month oil price surge in 30 years was recorded – of roughly 17 percent, with price increases tied to lower output of crude as well as geopolitical tensions in Eastern Europe and the Middle East.

A barrel of European reference oil Brent trades Tuesday morning for USD 89.57 against USD 88.91 Monday afternoon. US benchmark West Texas Intermediate sells concurrently for USD 88.47 against USD 87.27.

"The market is maintaining a bullish tone on expectations that supply tightness will continue as demand is picking up, with receding fears over spreading Omicron coronavirus variant," says Hiroyuki Kikukawa, general manager at Nissan Securities, to Reuters.

Rising oil prices are also connected to the market's fixed gaze on the Organization of Petroleum Exporting Countries and its OPEC+ allies. Several analysts forecast that OPEC+ will stick to its plan to gradually raise crude output, the news agency writes.

Tensions between Russia and Ukraine are, however, causing concern about supply. The ongoing conflict and western involvement are stoking fears about supply disruptions from Russia, the world's second-largest oil producer and ally of the cartel.

Tuesday morning, one troy ounce of gold trades for USD 1,801.91 against USD 1,797.90 Monday afternoon.

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