TELETRADER News
6/28, 9:38 AM (Source: TeleTrader)
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Oil rises over 1% on supply concerns

Prices of oil futures increased on Tuesday after the United Arab Emirates energy minister revealed yesterday that the country is producing oil at near-full capacity.

In addition, oil output in Ecuador could suffer due to nationwide protests and Libya is considering whether to declare force majeure related to its operations in the Gulf of Sirte, causing further concern about global supply.

West Texas Intermediate (WTI) for settlements in August rose by 1.83% to sell for $111.49 per barrel at 3:25 am ET, while Brent for deliveries in the same month gained 1.62%, going for $116.94 per barrel concurrently.

Baha Breaking News (BBN) / MS