2024-04-04T04:56:59+00:00
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/ Oil prices rose in early Asian trading, on Thursday, amid fears of supply shortages as major producers continue production cuts, in addition to indicators of economic growth in the United States, the world’s largest oil consumer.
Brent crude futures for June rose 15 cents, or 0.2 percent, to $89.51 per barrel at settlement by 00:37 GMT.
US West Texas Intermediate crude futures for May also increased 15 cents, or 0.2 percent, to $85.59 per barrel.
The June Brent contract and the May West Texas Intermediate crude contract recorded gains over the past four days and closed on Wednesday at the highest level since the end of October.
Oil prices rose after Ukrainian attacks on Russian refineries led to a reduction in fuel supplies, and amid fears that the war between Israel and the Palestinian Islamic Resistance Movement (Hamas) in Gaza may extend to include Iran, which could lead to disruption of supplies in the Middle East region.
Senior ministers of the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, at a meeting held on Wednesday kept oil production policy unchanged and urged some countries to strengthen compliance with production cuts.
The meeting stated that some members will compensate for the increase in supplies in the first quarter.