Oil up over 2.5% on supply fears - Breaking The News

Oil up over 2.5% on supply fears

20 November

1 min read

EPA-EFE/LARRY W. SMITH

Prices of oil futures rose by more than 2.5% on Monday as traders' apparent fears of more production cuts by the Organization of the Petroleum Exporting Countries and other major global producers continued to strengthen.

Comments by one of United States President Joe Biden's top energy advisors, who said Washington thinks oil production will not be used as a weapon, have seemingly failed to assure traders that global supply is safe.

For settlements in January 2024, West Texas Intermediate (WTI) rose by 2.43% to $77.94 per barrel and Brent increased by 2.39% to $82.60 per barrel at 10:36 am ET.

oil

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