<p>Oil prices continued to rise in early Asian trade on Thursday after surging more than 3 per cent in the previous session, driven by record US crude exports and a weaker US dollar.</p>.<p>Brent crude futures rose 25 cents, or 0.3 per cent, to $95.94 a barrel by 0015 GMT. US West Texas Intermediate (WTI) crude rose 19 cents, or 0.2 per cent, to $88.10.</p>.<p>US crude stocks rose 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels a day, the most ever.</p>.<p>Traders attributed the surge in exports to the widened WTI-Brent spread, which, coming into Wednesday's trade, was at more than $8 per barrel.</p>.<p>The dollar's weakness also added support, as the greenback's strength of late has been a notable factor inhibiting oil market gains. A weaker dollar makes greenback-denominated crude less expensive for other currency holders.</p>.<p>Prices also rose on a Bloomberg news report that the United States and the European Union are likely to settle for a more loosely policed cap at a higher price than once envisioned, with just the Group of Seven (G7) nations and Australia committed to abide by it, the report said, citing people familiar with the matter.</p>.<p>Europe is expected next month to ban oil imports from Russia and restrict Russian shippers from the global shipping insurance industry.</p>
<p>Oil prices continued to rise in early Asian trade on Thursday after surging more than 3 per cent in the previous session, driven by record US crude exports and a weaker US dollar.</p>.<p>Brent crude futures rose 25 cents, or 0.3 per cent, to $95.94 a barrel by 0015 GMT. US West Texas Intermediate (WTI) crude rose 19 cents, or 0.2 per cent, to $88.10.</p>.<p>US crude stocks rose 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels a day, the most ever.</p>.<p>Traders attributed the surge in exports to the widened WTI-Brent spread, which, coming into Wednesday's trade, was at more than $8 per barrel.</p>.<p>The dollar's weakness also added support, as the greenback's strength of late has been a notable factor inhibiting oil market gains. A weaker dollar makes greenback-denominated crude less expensive for other currency holders.</p>.<p>Prices also rose on a Bloomberg news report that the United States and the European Union are likely to settle for a more loosely policed cap at a higher price than once envisioned, with just the Group of Seven (G7) nations and Australia committed to abide by it, the report said, citing people familiar with the matter.</p>.<p>Europe is expected next month to ban oil imports from Russia and restrict Russian shippers from the global shipping insurance industry.</p>