SINGAPORE: Oil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the United States could snuff out transport fuel demand growth this holiday season.
Brent crude rose 88 cents, or 1.1%, to $81.86 a barrel by 0148 GMT, while US West Texas Intermediate crude was at $78.41 a barrel, up 92 cents, or 1.2% higher.
Russia’s Baltic oil exports could fall by 20% in December from the previous month after the European Union and G7 nations imposed sanctions and a price cap on Russian crude from Dec. 5, according to traders and Reuters calculations.
