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Prospect of supply disruption reappears, oil prices rise slightly in Asian session.
On January 20, ANZ research analysts said in a commentary article that oil prices were higher in early Asia as the prospect of supply disruptions reappeared. Analysts note that new US sanctions on the Russian oil industry have prompted many buyers to look for alternatives. However, the recent pump in oil prices may be short-lived, as Trump promises that he will work to bring the Russia-Ukraine conflict to a swift end. In the short term, the market is also following the cold snap in the Permian Basin, a major shale oil producing basin in Texas.