(1) Oil prices rose nearly 1% in early Asian trading on Monday, supported by concerns about reduced Russian exports and supply disruptions caused by Houthi attacks on ships in the Red Sea.
(2) Brent crude futures rose 0.5% to $77.6 a barrel, and U.S. West Texas Intermediate crude futures rose 0.79% to $72.27 a barrel.
(3) IG analyst Tony Sycamore said. "Bad weather in Russia and Houthi attacks on ships close to Yemen have played a role in the strength of oil prices after the opening this morning. ”
(4) Russia said on Sunday that it would cut oil exports further in December, possibly by 50,000 b/d or more, earlier than promised. At present, the world's major oil exporters are trying to support oil prices.
(5) Earlier, Moscow suspended port shipments of about two-thirds of the main export grade Urals crude due to storms and planned equipment maintenance on Friday.
(6) Including Mediterranean Shipping Company (MSC) and A.P. Shipping companies, including Moller-MaerskMAERSKb.CO, said over the weekend that they would avoid the Suez Canal as Yemen's Houthi rebels intensified their attacks on merchant ships in the Red Sea.
(7) The Bab el-Mandeb Strait is one of the world's most important shipping routes for commodities, especially crude oil and fuels from the Gulf region, which are shipped west to the Mediterranean via the Suez Canal or the nearby SUMED pipeline, and east to Asian commodities, including Russian oil.