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Oil prices climbed 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 60 cents or 0.7%, to $91.95 a barrel by 0330 GMT after settling up 0.5% on Friday. US West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5%. The front-month contract expires on Tuesday.

“The market still has the start of European sanctions on Russian oil hanging over it. As supply is disrupted in early December, the market is unlikely to see any quick response from US producers,” ANZ analysts said Monday. Despite questions about the future of the world economy, Kuwait Petroleum Corporation’s chief executive said on Sunday its customers still demand the same volumes with no change.

 

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