Oil prices recorded gains of about 1 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 at a time when Russia's exports of refined petroleum products are heading for a decline as many refineries continue to be repaired after being subjected to drone attacks.
Price action
Brent crude futures rose 83 cents to $84.38 per barrel by 2341 GMT, after hitting its highest level during the session at $84.80. US West Texas Intermediate crude rose 78 cents to $78.79 a barrel.
Trafigura, a commodity trading company, said on Saturday that it was assessing security risks before proceeding with new trips in the Red Sea after firefighters extinguished a fire in a tanker attacked by the Yemeni Houthi group the previous day.
Oil prices recorded gains of about 1 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 at a time when Russia's exports of refined petroleum products are heading for a decline as many refineries continue to be repaired after being subjected to drone attacks.
Price action
Brent crude futures rose 83 cents to $84.38 per barrel by 2341 GMT, after hitting its highest level during the session at $84.80. US West Texas Intermediate crude rose 78 cents to $78.79 a barrel.
Trafigura, a commodity trading company, said on Saturday that it was assessing security risks before proceeding with new trips in the Red Sea after firefighters extinguished a fire in a tanker attacked by the Yemeni Houthi group the previous day.
They added, with oil tankers connected to the United States and the United Kingdom currently at risk of attack, the market is likely to reprice the risks related to supply disruptions.
The two benchmarks rose for the second week in a row and stabilized at their highest levels in about two months on Friday, supported by concerns about supplies coming from the Middle East and Russia, while positive US economic growth and signs of Chinese stimulus boosted demand expectations.
Senior ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia in what is known as the OPEC+ group are scheduled to meet online on February 1.
Sources said that OPEC+ is likely to decide its oil production levels for April and beyond in the coming weeks as the meeting will be held very early to make decisions on further production policy.
