Oil prices rise in Asian trade as supply concerns persist

Oil prices ticked up in Asian trade on Monday, extending gains from last week when prices rose nearly 4% on the view that supply was tightening, with the risks heightened by further attacks on Russian energy infrastructure.

Brent crude oil futures for May delivery climbed 32 cents, or 0.4%, to $85.66 a barrel by 0416 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 40 cents, or 0.5%, at $81.44. The more active May delivery contract for WTI traded 37 cents, or 0.5%, higher at $80.95 per barrel.

“The strikes on Russian refineries added $2-$3 per barrel of risk premium to crude last week, which remains in place as we start this week with more attacks over the weekend,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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