Singapore, October 24 (QNA) – Oil prices rose in early Asian trade on Monday, as expectations of tighter global supplies ahead of European Union sanctions on Russian oil underpinned prices.
Brent crude futures rose 54 cents, or 0.6%, to $94.04 a barrel, while US West Texas Intermediate crude rose 51 cents to $85.56 a barrel.
Brent posted a 2% gain last week on a weaker dollar and on hopes of easing Covid-19 restrictions in China that would allow demand at the world’s No. 2 consumer to rebound.
Disruptions in global oil supplies are expected when the European Union’s ban on Russian oil imports comes into effect on Dec. 5. (QNA)
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