Oil prices were rising in early trade, supported by a stronger physical market and concerns over Russian and Iranian flows.
Brent crude was up 0.9% at $77.79 a barrel, while WTI traded 1.2% higher at $75.17 a barrel.
A survey by The Wall Street Journal showed U.S. crude stockpiles are expected to have fallen by 1 million barrels last week, a positive sign on demand trends in the world’s top oil consumer. Meanwhile, OPEC production fell in December, according to Bloomberg and Reuters surveys.
