11/28/2023, 11:26 AM (Source: TeleTrader)
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Oil up over 1% on supply uncertainty

The prices of oil futures gained some ground on Tuesday after yesterday's losses as supply uncertainty seemingly went back into the spotlight despite tensions in the Middle East easing.

Investors eagerly awaited the meeting of the Organization of the Petroleum Exporting Countries and its oil-producing partner nations (OPEC+), scheduled for November 30. It is yet unknown whether the alliance will be making any changes to its crude output levels. Meanwhile, Kazakhstan's Energy Ministry mentioned that its large fields, Tengiz, Kashagan and Karachaganak, slashed their combined daily oil production by 56% due to Black Sea oil shipments being obstructed by a storm.

West Texas Intermediate (WTI) for deliveries in January 2024 increased 1.39% at 5:15 am ET and went for $75.91 per barrel. A minute later, Brent for the same month's settlements rose 1.24% to sell for $80.97 per barrel.

Baha Breaking News (BBN) / AY