Oil prices climb during early Asian trade 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
Gasoline and diesel prices are displayed near a gas station, following the announcement of updated fuel prices, at the Brazilian oil company Petrobras in Brasilia, Brazil. June 18, 2022.
Brent crude futures rose $1.15, or 1.3%, to $92.50 a barrel by 0049 GMT after settling up 0.5% on Friday. US West Texas Intermediate crude was at $86.16 a barrel, up $1.05, or 1.2%. The front-month contract expires on Tuesday. In China, an easing of Covid-19 restrictions in Chengdu, a southwestern city of more than 21 million people, soothed concerns about demand in the world's No. 2 energy consumer. China's gasoline and diesel exports also rebounded, easing high local inventories, after Beijing issued fresh quotas.
Elsewhere, oil loading and exporting operations from Iraq's Basrah oil terminal are back to their normal rates on Saturday, Basrah Oil Company said, a day after being halted due to a spillage which has now been contained.
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