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Oil climbs nearly 1% on drop in Russia exports, Red Sea jitters

From channelnewsasia.com

Oil prices rose nearly 1 per cent 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 per cent, 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 per cent. "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 ... (full story)

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