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The brent crude went up 7 cents or 0.1 per cent to 97.99 dollar per barrel. Whereas U.S. West Texas Intermediate (WTI) crude increased by 7 cents or 0.1 per cent to 91.86 dollar per barrel. Both the benchmarks reached their highest since August on 7 November. The European Union ban on Russian oil is set to begin on 5 December which will be followed by a pause on oil product imports in February

The oil prices witnessed an early alter as supply worries offset recession fears and China’s commitment to its zero-COVID policy on 8 November.

The brent crude went up 7 cents or 0.1 per cent to 97.99 dollar per barrel. Whereas U.S. West Texas Intermediate (WTI) crude increased by 7 cents or 0.1 per cent to 91.86 dollar per barrel.

Both the benchmarks reached their highest since August on 7 November. This came when the reports regarding leaders in China being the world’s top crude importer were expecting an exit from the country’s strict COVID-19 restrictions.

However, during the weekend a reaffirmation came regarding China’s commitment to its strict zero-COVID policy from its official. Also, according to a recent data, the country’s exports and imports contracted in October, unexpectedly.

The near-term fundamentals for oil sustained oh higher side, keeping a focus to return to supply issues, according to analysts

The European Union ban on Russian oil is set to begin on 5 December which will be followed by a pause on oil product imports in February. The ban is imposed in retaliation for Russia’s invasion of Ukraine.

Analysts believe that, various market participants will be keeping an eye on the U.S. CPI data during this week for trading hints with oil as focus. The stocks of U.S. crude oil were expected to go up nearly 1.1 million barrels in the last week, as per a media poll.