Oil prices rise amid growing concerns about supplies

Oil Prices Inch Up Amid Global Supply Concerns

Early Asian trading on Monday saw a modest rise in oil prices, driven by mounting worries over global supply shortages amidst escalating conflicts in the Middle East and the ongoing Russia-Ukraine war. Additionally, a decline in the number of American oil exploration rigs further contributed to upward pressure on prices.

Brent crude futures climbed 24 cents, or 0.3 percent, reaching $85.67 per barrel by 0029 GMT, while US crude futures increased by 25 cents, also up 0.3 percent, to $80.88 per barrel. Both crude oil benchmarks recorded marginal changes of less than one percent last week compared to the previous week.

Data released by energy services company Baker Hughes revealed a drop of one rig in the number of US oil rigs to 509 last week, signaling potential declines in future supplies.