Oil prices rose nearly 1% in early Asian trade on Monday, 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 69 cents, or 0.9%, to $77.24 a barrel by 0037 GMT, while U.S. West Texas Intermediate crude was at $72.08 a barrel, up 65 cents, or 0.9%. “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.
Oil prices rose nearly 1% in early Asian trade on Monday, 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 69 cents, or 0.9%, to $77.24 a barrel by 0037 GMT, while U.S. West Texas Intermediate crude was at $72.
