ISTANBUL, Sept 25 — Oil prices rose today as markets focused on a tighter supply outlook after Russia limited the export of gasoline and diesel, reported Anadolu.

International benchmark crude Brent traded at US$92.31 (RM432) per barrel at 10.23 am local time (0723 GMT), a 0.38 per cent gain from the closing price of US$91.96 a barrel in the previous trading session on Friday.

The American benchmark West Texas Intermediate (WTI) traded at the same time at US$90.40 per barrel, up 0.41 per cent from Friday’s close of US$90.03 per barrel.

The Russian government temporarily limited the export of diesel and gasoline on Thursday.

The government explained in a statement that the decision, which aims to stabilise fuel prices on the domestic market, "will help saturate the fuel market, which in turn will reduce prices for consumers.”

Russia, one of the largest global oil producers, exports nearly 900,000 barrels per day (bpd) of diesel fuel and 100,000 bpd of gasoline. Although Russia ships less diesel and gasoline than it does crude oil, the export embargo before the winter and ongoing supply concerns have heightened market jitters.

This comes amid tight oil supply, with Saudi Arabia and Russia extending their production curbs until the end of this year.

The prospect of additional stimulus measures in China, the world’s top oil importer, also helps to support oil prices.

Further pressuring prices, the number of oil rigs in the US fell to the lowest level since February last year, according to the latest data released by Baker Hughes on Friday. — Bernama-Anadolu