Singapore: World oil prices were higher in volatile Asian trade on Monday, with worries over a looming US recession weighing down on market sentiment, dealers said.
In morning trade, New York’s main oil futures contract, light sweet crude for delivery in March, rose nine cents to $ 95.59 per barrel.
The contract closed up five cents at $ 95.50 a barrel during floor trading on Friday at the New York Mercantile Exchange.
Brent North Sea crude for April delivery increased seven cents to $ 94.70 a barrel.
“Prices are fluctuating around closing levels from Friday as investors look for new directions from any US data this week,” said Dariusz Kowalczyk, senior investment strategist at CFC Seymour securities in Hong Kong.
Prices are also getting support from supply concerns after oil-producing Venezuela cut off supplies to US energy giant ExxonMobil, as well as unrest in Africa’s biggest crude exporter Nigeria, analysts said.
Venezuela’s state petroleum company PDVSA last week suspended oil supplies to ExxonMobil after the US firm unleashed a legal campaign to freeze billions of dollars in global PDVSA assets.
The move came after ExxonMobil, the world’s biggest energy company, secured international court orders freezing up to $ 12 billion in PDVSA assets.