10/20, 9:06 PM (Source: TeleTrader)
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Oil rises over 1% ahead of US stockpiles data

Prices of oil gained more than 1% on Tuesday as investors await data reports on the United States crude inventories for the last week. The Energy Information Administration is set to release its report on the country's oil stockpiles on Wednesday, while private data from the American Petroleum Institute (API) is expected to be published later on Tuesday.

Meanwhile, Saudi Minister of Energy Industry and Mineral Resources Prince Abdulaziz Bin Salman said it will take until December for the OPEC+ members to "catch up" with the agreed oil output cuts.

The international benchmark Brent for settlements in December went up by 1.46% at 2:52 pm ET, trading for $43.08 per barrel. West Texas Intermediate (WTI) for deliveries in the same month added 1.39%, selling at $41.63 per barrels three minutes later.

Breaking the News / GA