OIL FUTURES: Crude reaches new 7-year highs as market eyes tightening supply outlooks

Crude futures pushed to fresh seven-year highs Jan. 31 amid ongoing Ukraine tensions and concerns that limited OPEC+ spare capacity would create tighter supply balances. NYMEX March WTI settled $1.33 higher at $88.15/b and ICE March Brent climbed $1.18 to finish at $91.21/b. OPEC and its allies are largely expected to affirm another 400,000 b/d hike in crude oil production…