2024-01-29T04:59:17+00:00
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/ Oil prices gained about one percent during early Asian trading on Monday, due to concerns about fuel supplies after a missile hit a fuel tanker operated by Trafigura in the Red Sea.
This comes as Russia’s exports of refined oil products are set to decline as several refineries continue to be repaired after being hit by drone attacks.
Brent crude futures rose 83 cents to $84.38 a barrel by 23:41 GMT, after hitting a session high of $84.80.
U.S. West Texas Intermediate crude rose 78 cents to $78.79 a barrel.
Benchmark crudes rose for a second straight week and settled at their highest levels in nearly two months on Friday, supported by concerns about supplies from the Middle East and Russia, while positive US economic growth and signs of Chinese stimulus boosted demand expectations.
Supply disruptions were limited but that changed on Friday after a Trafigura-operated oil tanker was hit by a missile off the coast of Yemen.
OPEC+ is likely to decide on its oil production levels for April and beyond in the coming weeks as the meeting will be held too early to make decisions on further output policy, sources said.