Oil prices rally continues amid tight supply outlook
Amid grim outlook of oil supply in the market, oil prices rallied more than $1 on Tuesday. The oil price surge was fuelled by weak U.S. shale output and supply concerns from extended production cuts by Saudi Arabia and Russia.
Global benchmark Brent crude futures were up $1.24, or 1.31%, to $95.67 a barrel by 1308 GMT. U.S. West Texas Intermediate crude futures were up $1.92, or 2.1%, to $93.40.
Prices have gained for three consecutive weeks, with both benchmarks reaching their highest since last year.
“This crude price rally apparently doesn’t want to stop,” said OANDA analyst Edward Moya. “The oil market will likely be tight throughout the winter.”
(With inputs from Reuters)
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Updated: 19 Sep 2023, 08:39 PM IST
