Oil prices rise on uncertainty over OPEC+ cuts and Middle East tensions

Oil prices rose as uncertainty loomed over voluntary output cuts by OPEC+, tensions in the Middle East, and positive economic signals in Europe. Brent crude futures increased by 0.8% to $78.66 a barrel, while US West Texas Intermediate crude futures went up by 0.9% to $73.19. Saudi Arabia's energy minister's comments supported prices, suggesting that OPEC+ production cuts could continue beyond Q1 2024. Additionally, the resumption of fighting in the Israel-Hamas war and attacks on commercial vessels in the Red Sea raised supply concerns.

Oil prices rise on uncertainty over OPEC+ cuts and Middle East tensions
Oil prices rose as uncertainty loomed over voluntary output cuts by OPEC+, tensions in the Middle East, and positive economic signals in Europe. Brent crude futures increased by 0.8% to $78.66 a barrel, while US West Texas Intermediate crude futures went up by 0.9% to $73.19. Saudi Arabia's energy minister's comments supported prices, suggesting that OPEC+ production cuts could continue beyond Q1 2024. Additionally, the resumption of fighting in the Israel-Hamas war and attacks on commercial vessels in the Red Sea raised supply concerns.