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