Oil prices rose in early Asian trade on the prospect of fresh supply disruptions, ANZ research analysts said in a commentary. New US sanctions on Russia's oil industry prompted many buyers to look for alternatives, analysts said.
However, the recent gains may be short-lived as Trump has vowed to end the Russia-Ukraine war soon, analysts added. In the short term, the market is also eyeing cold weather in the Permian Basin, a major shale oil producer in Texas, they said.
Front-month WTI crude rose 0.5% to $78.35/bbl; front-month Brent crude rose 0.5% to $81.17/bbl.
Source: Dow Jones Newswires
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