9/12, 2:45 PM (Source: TeleTrader)
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Oil grows 1% as supply woes persist

The prices of oil futures rose on Tuesday as investors seemingly continued to fret over the supply of crude in light of recent inventory drawbacks and announcements by Russia and Saudi Arabia that they will be extending voluntary production cuts until the end of 2023.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) previously shared that its forecast for the global oil demand growth in 2023 and 2024 remained unchanged at 2.4 million barrels per day (bpd) and 2.2 million bpd, respectively.

West Texas Intermediate (WTI) for settlements in October increased 1.25%, going for $88.40 per barrel at 8:35 am ET. Brent for deliveries in November added 1%, selling for $91.56 per barrel at the same time.

Baha Breaking News (BBN) / AY