Oil prices are rising amid supply concerns
17:12 - 09/03/2021
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Oil prices rose today, Tuesday, towards $ 69 a barrel, as investors focused on the possibility of a lack of supplies, after the "OPEC +" group extended production restrictions, amid increasing hopes for a recovery in demand.
By 09:20 GMT, Brent crude futures rose 0.8 percent to $ 68.75 a barrel, while US West Texas Intermediate crude increased 34 cents to $ 65.39 a barrel.
Prices had risen to the highest level since the pandemic began on Monday, after Houthi forces in Yemen launched drones and missiles at Saudi oil sites last Sunday. The kingdom said it thwarted the attacks, sending prices lower as supply concerns subsided.
"The declines in recent times were seen as buying opportunities ... The (OPEC +) meeting last week ensures that the global oil balance is heading towards a more scarce market in the foreseeable future," said Tamas Varga of PVM Consulting. Ended / 25 o'clock