On Monday, January 22, oil prices on the global markets rose by approximately 2%. The reasons behind this increase were extreme cold weather in the United States, disrupting oil production, and a recent attack by a Ukrainian drone on an oil terminal in northern Russia, reports Reuters. March futures for Brent crude oil settled at $80.06 per barrel, an increase of $1.50 (1.9%). The futures contract for West Texas Intermediate (WTI) oil with delivery in February closed at $75.19, up $1.78 (2.4%), as the contract expired. The more active March WTI contract increased by $1.36 to $74.61. “There are…