singapore oct 24 reuters  oil rose in early asian trade on monday as expectations of tighter supplies globally ahead of european union sanctions on russian oil underpinned prices brent crude futures climbed 54 cents or 06 to 9404 a barrel by 0125 gmt while us west texas intermediate crude was at 8556 a barrel up 51 cents or 06 brent posted a 2 gain last week on a weaker dollar and on hopes of easing covid19 restrictions in china that would allow demand at the worlds no 2 consumer to rebound disruptions to global oil supplies are expected when the eus ban on russian imports goes into effect on dec 5 the group also plans to block imports of russian oil products in february sentiment is building within the federal reserve to possibly scale back the pace or size of future interest rate hikes even as it is poised to raise rates in early november a slowdown in fed rate hikes could ease the us dollars strength which has weighed on prices of commodities a weaker dollar makes dollardenominated commodities such as oil more affordable to holders of other currencies on sunday chinas xi jinping secured a precedentbreaking third leadership term on sunday cementing his place as the countrys most powerful ruler since mao zedong read more however analysts are not expecting any significant change in policy direction including xis zerocovid strategy brent rose last week despite us president joe biden announcing the sale of a remaining 15 million barrels of oil from the us strategic petroleum reserves the sale is part of a record 180 millionbarrel release that began in may biden added that his aim would be to replenish stocks when us crude is around 70 a barrel read more the market was more interested in the guidelines for refilling the reserve anz analysts said in a note bidens comments that the us will only buy crude once prices hit usd70bbl provides a strong support level last week us energy firms added oil and natural gas rigs for the second week in a row as relatively high oil prices encourage firms to drill more energy services firm baker hughes co said in a report on friday