Oil rises on healthy demand, supply expectations after OPEC report

Economy

14-11-2023, 08:54

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INA-source

Oil prices inched up on Tuesday on expectations of healthy market fundamentals, following an OPEC report saying demand remains strong, and concerns that supplies might be disrupted as the U.S. cracks down on Russian oil exports.

Brent crude futures gained 30 cents, or 0.36%, to $82.82 a barrel by 0413 GMT. U.S. WTI crude futures climbed 28 cents, or 0.36%, at $78.54 a barre.l

"Following the heavy sell-off in the market over the last three weeks, oil has managed to find some support ... While fundamentals may not be as bullish as initially thought, they are still supportive, with the market likely to be in deficit for the remainder of this year," ING analysts said in a email note.

Reuters-source