Oil Rises on Sanctions Prospects, Demand Hopes
Oil prices rise in afternoon trade, supported by a weaker U.S. dollar and expectations of tighter sanctions against Russia and Iran.
Brent crude and WTI are both up 0.7% at $77.02 and $74.46 a barrel, respectively. Prices are also driven by prospects of stronger fuel demand due to colder weather forecasts and optimism around China's stimulus.
Meanwhile, top oil exporter Saudi Aramco raised selling prices for crude buyers in Asia for the first time in three months--a move that typically signals firmer demand expectations. "Crude oil saw a strong rise last week," Saxo analysts say in a note. "Nevertheless, the upside appears limited due to demand uncertainties and elevated OPEC+ spare capacity."
Source : Dow Jones Newswires