SINGAPORE - Oil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.
Brent crude futures rose $1.15, or 1.3%, to $92.50 a barrel by 0049 GMT after settling up 0.5% on Friday. U.S. West Texas Intermediate crude was at $86.16 a barrel, up $1.05, or 1.2%. The front-month contract expires on Tuesday.
Both contracts, which slid more than 1% last week on concerns that another interest rate hike by the Federal Reserves could slow global growth, were supported by a weaker dollar which came off multi-year highs. A weaker U.S. dollar makes dollar-denominated commodities less expensive for holders of other currencies.
Source: ETAuto.com