10/12/2023, 12:59 PM (Source: TeleTrader)
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Oil, gas prices rise after S. Arabia, IEA remarks

The prices of oil futures increased on Thursday after Saudi Arabia hinted at the possibility of additional extensions of its crude production cut. Moreover, the International Energy Agency (IEA) warned that the clashes between Israel and Hamas and the prospect of the conflict spreading to the entire Middle East endangered the stability of the global oil market.

Meanwhile, the prices of European gas futures went up amid concerns about the supply of the commodity amid the uncertainty of its transport through Israel and the damage done to the Balticconnector pipeline.

West Texas Intermediate (WTI) for deliveries in November grew by 0.93% at 6:38 am ET to sell for $84.26 per barrel. At the same time, Brent for settlements in December advanced by 1.14%, going for $86.86 per barrel. UK Natural Gas for December's deliveries jumped by 8.19% at 6:45 am ET to sell for 137.980 pence per therm. A minute later, Dutch TTF for November's settlements surged by 11.% to go for €51.25 per megawatt hour.

Baha Breaking News (BBN) / JR