Oil is rising thanks to the expected decline in Russian exports

Oil prices rose on Friday amid expectations of lower Russian crude exports from the Baltic region this month, alleviating fears that a severe winter storm in the United States could wipe out holiday fuel demand growth.

And by 0148 GMT, Brent crude rose 88 cents, or 1.1 percent, to $ 81.86 a barrel. US West Texas Intermediate crude rose 92 cents, or 1.2 percent, to $78.41 a barrel.

Russia’s exports of Baltic oil could fall 20 percent in December compared to the previous month after the European Union and Group of Seven countries imposed sanctions and capped Russian crude prices, according to dealers and Reuters calculations.

The snow storm may change the plans of car owners to travel in the Christmas and New Year holidays, which limits the consumption of gasoline.

However, demand for heating oil may rise as severe weather is expected to cause power outages.

Brent and US crude are heading for a second weekly gain, supported by expectations of a recovery in oil demand in China, the second largest consumer in the world.

However, an increase in Covid-19 infections in mainland China, concerns about a new hike in interest rates in the world, and a recession that limits fuel consumption are all factors that have curbed oil price gains.