Oil prices rose in early Asian trade on Monday, as expectations of tighter global supplies ahead of European Union sanctions on Russian oil supported prices. Brent crude futures rose 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%. Brent posted a 2% gain last week on a weaker dollar and hopes that easing COVID-19 restrictions in China would allow demand in the world’s No. 2 consumer to recover. Oil prices rise Global oil supply disruptions are expected when the European Union bans on Russian imports take effect on Dec. 5. The group also plans to block imports of Russian oil products in February. Sentiment is building inside the Federal Reserve that it may slow the pace or size of future interest rate hikes even as it prepares to raise rates as early as November. A slowdown in Fed rate hikes could ease the strength of the U.S. dollar that has weighed on commodity prices. A weaker dollar makes dollar-denominated commodities like oil more affordable for holders of other currencies.



Brent rose last week despite U.S. President Joe Biden announcing the sale of the remaining 15 million barrels of oil from the U.S. Strategic Petroleum Reserve. The sale is part of a record 180 million-barrel release that began in May. Biden added that the goal was to replenish stocks when U.S. crude was hovering around $70 a barrel. "The market is more interested in the playbook for replenishing reserves," ANZ analysts said in a note. "Biden's comments that the U.S. will only buy crude once prices reach $70/bbl provide a strong level of support." U.S. energy firms added oil and natural gas rigs for a second straight week last week as relatively high oil prices encouraged companies to drill more, energy services firm Baker Hughes Co said in a report on Friday. oil prices rise On Sunday, China's Xi Jinping secured a precedent-breaking third term in office, cementing his position as the country's most powerful ruler since Mao Zedong. However, analysts do not expect a significant change in policy direction, including Xi's zero-COVID strategy. You can continue to update this rising oil price by finding out through the GIC Journal. You will even get other news about forex, gold, stocks, crypto, and other instruments. If you are interested in trading, you can start trading at GIC with a small capital of 150,000 rupiah! You can even choose to become a trader or market maker at GIC!

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