27.02.202308:51:00UTC+00Oil Prices Gain On Supply Disruptions

Oil prices were moving higher on Monday amid supply disruptions in Europe and optimism over a demand recovery in China.

Benchmark Brent crude futures rose half a percent to $83.19 a barrel, while WTI crude futures were up 0.6 percent at $76.75.

The upside remained capped by hawkish Fed bets after the release of strong inflation data.

Russia has halted supplies of oil to Poland via the Druzhba pipeline, the chief executive of Polish refiner PKN Orlen said on Saturday, adding that the company is effectively securing supplies and will replace it with oil from other sources.

Interestingly, the halt in supplies came a day after Poland delivered its first Leopard tanks to Ukraine.

The dollar wavered near a seven-week high today amid expectations that the Fed will raise interest rates to around 5.4 percent by the summer.

U.S. Treasury Secretary Janet Yellen told Reuters on Saturday that new U.S. data showing an unexpected jump in inflation in January signals that the fight against inflation "is not a straight line" and more work is needed.

Amid optimism over a demand recovery in China, investors now await China's manufacturing surveys this week for further clarity on oil demand.