Price action
Brent crude futures increased 69 cents, or 0.9 percent, to $77.24 per barrel by 0037 GMT, while US West Texas Intermediate crude rose 65 cents, or 0.9 percent, to $72.08 per barrel.
“Bad weather in Russia contributed to the stronger opening (rising prices) this morning as well as the Houthi attack on ships near Yemen,” said Tony Sycamore, market analyst at IG Markets.
Russia said on Sunday that it would further reduce exports in December by 50,000 barrels per day or more, earlier than it had pledged, at a time when the world's two largest oil exporters are trying to support global prices.
At the beginning of the week, shipping companies, including MSC and AB Muller, two of the largest container shipping companies in the world, said that they would avoid going through the Suez Canal as the Houthis in Yemen escalated their attacks on commercial ships in the Red Sea.
Brent and West Texas Intermediate crude ended the longest series of weekly declines in half a decade with slight gains last week after the Federal Reserve (US Central Bank) meeting last week, which raised hopes for the end of successive interest rate hikes and cuts.
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