Oil prices rose in Asian trade on Monday, rising nearly 1% in early trade, supported by lower exports from Russia and as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruption.
Brent crude futures climbed 32 cents, or 0.4%, to $76.87 a barrel by 0413 GMT, while U.S. West Texas Intermediate crude was at $71.77 a barrel, up 34 cents, or 0.5%.
“The bad weather in Russia has played a part in the stronger open this morning as has the Houthis attack on ships close to Yemen,” IG analyst Tony Sycamore said.
Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, as the world’s biggest exporters try to support global oil prices.
This comes after Moscow suspended about two-thirds of loadings of its main export grade Urals crude from ports due to a storm and scheduled maintenance on Friday.
Shipping firms, including the world’s biggest container shipping lines MSC and A.P. Moller-Maersk, said over weekend that they would avoid the Suez Canal as Houthi militants in Yemen stepped up their assaults on commercial vessels in the Red Sea.
Source : Reuters
