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Oil rose in early Asian trade as expectations of tighter supplies globally ahead of European Union sanctions on Russian oil underpinned prices.  Brent crude futures climbed 54 cents, or 0.6%, to $94.04 a barrel by 0125 GMT while U.S. West Texas Intermediate crude was at $85.56 a barrel, up 51 cents, or 0.6%.  In spite of Xi Jinping securing a third leadership term, analysts are not expecting any significant change in policy direction, including the zero-COVID strategy.  U.S. energy firms added oil and natural gas rigs for the second week in a row as relatively high oil prices encourage firms to drill more.

Oil climbs on expectations of tight supply as Russia sanctions loom

Oil rose in early Asian trade as expectations of tighter supplies globally ahead of European Union sanctions on Russian oil underpinned prices.  Brent crude futures climbed 54 cents, or 0.6%, to $94.04 a barrel by 0125 GMT while U.S. West Texas Intermediate crude was at $85.56 a barrel, up 51 cents, or 0.6%.  In spite of Xi Jinping securing a third leadership term, analysts are not expecting any significant change in policy direction, including the zero-COVID strategy.  U.S. energy firms added oil and natural gas rigs for the second week in a row as relatively high oil prices encourage firms to drill more.

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