Oil prices head for around 17 monthly gain
OPEC expected to stick to planned March output target increase NATO worried over Europe39;s energy security amid standoff with Russia
Over 1,400 U.S. flights cancelled by winter storm in Northeast

LONDON, Jan 31 Reuters Oil rose on Monday as a supply shortage and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.

Brent crude had risen 66 cents, or 0.7, to 90.69 a barrel by 1005 GMT. The frontmonth contract for March delivery expires later in the day. The mostactive Brent contract, for April delivery , was trading at 88.98, up 46 cents, or 0.5.

U.S. West Texas Intermediate crude rose 51 cents, or 0.6, to 87.33 a barrel.

The benchmarks recorded their highest levels since October 2014 on Friday, 91.70 and 88.84, respectively, and their sixth straight weekly gain. They were headed for about 17 gains this month, the most since February 2021.

Today it is above all the concerns about supply outages in connection with the Ukraine crisis that keep pushing prices ever further up, said Commerzbank commodities analyst Carsten Fritsch.

The head of NATO said on Sunday that Europe needed to diversify its energy supplies as Britain warned it was highly likely that Russia was looking to invade Ukraine. 

UBS analyst Giovanni Staunovo said ongoing geopolitical tensions, more European countries planning to lift Covid related restrictions and renewed supply…