Oil prices up as on dollar’s decline, supply concerns

Oil prices rose in early trading in Asia on Monday, after a falling dollar and worries about supply ahead of the European Union’s ban on Russian oil in December eased fears of a global recession that could weaken demand for fuel.

According to “Reuters”, Brent crude futures rose 60 cents, or 0.7%, to $ 95.91 a barrel by 0330 GMT, after rising 0.5% at the close on Friday.

The price of US West Texas Intermediate crude recorded $ 85.50 a barrel, up 39 cents, or 0.5 percent

Brent and US crude contracts fell more than 1% last week due to fears that the Federal Reserve’s interest rate hike again would slow global growth.

The easing of COVID-19 restrictions in the southwestern Chinese city of Chengdu has eased concerns about demand in the world’s second-largest energy consumer. China’s exports of gasoline and diesel rose, which eased the high domestic stocks.