Singapore: Oil prices rose in early Asian trading on Monday on concern over tighter global supply brought about by escalating conflict in the Middle East and between Russia and Ukraine, while a shrinking US rig count added to upward price pressure.
Brent crude futures had climbed 24 cents, or 0.3 per cent, to $85.67 a barrel at 0029 GMT. US crude futures gained 25 cents, or 0.3 per cent, to $80.88 per barrel. Both benchmarks logged less a than 1 per cent change last week versus the previous week.
“Escalating geopolitical tension, coupled with a rise in attacks on energy facilities in Russia and Ukraine, alongside receding ceasefire hopes in the Middle East, raised concern over global oil supply,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
“Falling US rig count also increased worry over tighter supply,” he said.
