The price of oil continues to rise in Tuesday's session, having already reached the highest level in seven years. The price of Brent crude has already risen "more than 30%" against the lows set in December last year.

For Henrique Tomé, XTB analyst, "analyzing the chart of Brent (OIL), we can see that the price has already risen more than 30% from the December lows. Henrique Tomé points out that the price broke above the resistance zone marked by $86.00 at the end of last week and the bullish movement continues throughout this week."

According to Tuesday's data, the price of a barrel of Brent oil for March delivery hit a seven-year high, opening higher on the London futures market at $87.82.

For now, the XTB analyst also notes, "oil investors are looking beyond the growing Omicron case count around the world and the new restrictions being imposed," adding that Goldman Sachs has once again released a new outlook on oil, expecting oil to hit the $96 per barrel mark this year and $105 per barrel in 2023.

Oil has been on the rise for several days now, despite the fact that the U.S. and other states have been known to draw on oil reserves precisely to try to contain the rise in prices.