Oil prices rise 1% as Russia stops some crude exports to Europe

Oil futures rose 1% in European trade with US crude off February 3 lows while Brent climbed off February 22 lows, as the dollar index backed off July 28 highs. 

It comes amid a lack of data from thee euro zone economy and the US, and as markets price in news that Russia has stopped crude exports alongside a major pipeline that goes through Europe.

As of 01:35 GMT, US crude futures due in September rose 1.11% to $91.70 a barrel, while Brent futures rose 0.99% to $97.50 a barrel, as the dollar index fell 0.26% to 106.06. 

From the US, non-farm productivity fell 4.7% as expected in the second quarter, compared to a 7.3% drop in the first quarter, while labor unit costs rose 10.8%, slowing down from 12.6% in the second quarter, and beating estimates of 9.4%.

China announced yesterday new military maneavours around Taiwan amid ongoing talks between US and Chinese military to discuss the Taiwan situation.

China also announced plans to stop cooperation with US on crime combat, triggering further tensions between both sides.

Latest Chinese data showed oil imports rose to 8.79 million bpd away from four-year lows as air travel activities improved after lifting off Covid restrictions.

Latest World Health Organization data showed Covid 19 infections at 579.09 million worldwide, with the death toll at 6.407 million.

Baker Hughes data showed US oil rigs fell 7 rigs last week to 598 rig off March 2020 highs, the first decline in ten weeks, while US production steadied at 12.1 million bpd, the highest since April 2020.

US output is down 1 million bpd, or 8% from record highs at 13.1 million bpd scaled in March 2020.