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Oil prices rise on supply deficit concerns


Oil prices rose in early trading Tuesday for the fourth straight session, as low U.S. shale production sparked fresh concerns about a supply shortfall resulting from prolonged production cuts by Saudi Arabia and Russia .

U.S. West Texas Intermediate crude futures rose 90 cents, or 1 percent, to $92.38 at 0018 GMT, just short of a 10-month high hit on Monday, as global markets oil Benchmark Brent crude futures rose 27 cents, or 0.3 percent, to $94.70 a barrel.

Prices have won for three consecutive weeks.

WE oil Production in major shale-producing regions is on track to fall to 9.393 million barrels per day (bpd) in October, the lowest level since May 2023, the US Energy Information Administration (EIA) said on Monday . It will have fallen three months in a row.

The estimates come after Saudi Arabia and Russia this month extended their combined supply cuts of 1.3 million barrels per day (bpd) until the end of the year.

Saudi Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts in oil market supply, saying international energy markets need light regulation to limit volatility, while warning of uncertainty over Chinese demand, European growth and bank action central to fight inflation.

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Merry C. Vega is a highly respected and accomplished news author. She began her career as a journalist, covering local news for a small-town newspaper. She quickly gained a reputation for her thorough reporting and ability to uncover the truth.

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