Brent crude futures jumped 32 cents, or 0.4 per cent, to $76.87 a barrel, while U.S. WTI crude was at $71.77 a barrel, up 34 cents, or 0.5 per cent

Oil prices rose in Asian trade on Monday, increasing around 1 per cent in early trade, supported by lower exports from Russia amid concerns of oil supply disruption.

Brent crude futures jumped 32 cents, or 0.4 per cent, to $76.87 a barrel by 0413 GMT, while U.S. West Texas Intermediate (WTI) crude was at $71.77 a barrel, up 34 cents, or 0.5 per cent.

The bad weather in Russia has played a part in the stronger open this morning as has the Houthis attack on ships close to Yemen, IG analyst Tony Sycamore said.

Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 bpd or more, earlier than promised, as the world’s biggest exporters try to support global oil prices.

This comes after Moscow suspended around two-thirds of loadings of its main export grade Urals crude from ports because of a storm and scheduled maintenance on Friday.

Shipping firms, including the world’s largest container shipping lines MSC and A.P. Moller-Maersk, said over weekend that they would avoid the Suez Canal as Houthi militants in Yemen stepped up their assaults on commercial vessels in the Red Sea.

Both Brent and West Texas Intermediate ended their longest streak of weekly drops in half a decade with a small gain last week after a U.S. Fed meeting last week raised hopes that interest rate hikes are over and cuts are on their way.

I think just as importantly however is last week’s dovish Fed meeting which removes the tail risks of a hard landing for the U.S. economy and for crude oil demand going forward, IG’s Sycamore said.

Not to mention the technical picture in crude oil supports a recovery into the $76/78 area, Sycamore said, referring to West Texas Intermediate prices.

Crude oil was also supported by a weakened dollar and larger-than-expected U.S. inventory data, said CMC Markets analyst Tina Teng in a note, as a softer dollar makes dollar-denominated oil cheaper for foreign buyers.