Fluctuations in oil prices with renewed fears of tight supply
Brent crude futures rose 70 cents, or 73%, to $97.18 a barrel by 04:28 GMT, after a volatile session on Monday when it fell more than $4 before paring losses to trade near stability.
US West Texas Intermediate crude futures fell 54 cents, or 59%, to $90.23 a barrel.
The Kingdom of Saudi Arabia, the largest exporter in the Organization of the Petroleum Exporting Countries (OPEC), said that the Organization of the Petroleum Exporting Countries (OPEC) stands ready to cut production to correct the recent drop in oil prices, driven by weak futures market liquidity and macroeconomic concerns, which ignored the lack of Extremely severe physical raw supplies.
The official Saudi Press Agency quoted Saudi Energy Minister Prince Abdulaziz bin Salman that OPEC + has the means and flexibility to deal with challenges.
Iran accused the United States on Monday of stalling efforts to revive the 2015 Tehran nuclear deal, a charge denied by Washington, which said the agreement was closer than two weeks due to Iran's apparent flexibility.
Meanwhile, Europe faces a new disruption to energy supplies due to damage to the pipeline system that transports oil from Kazakhstan through Russia, adding to concerns about reduced gas supplies.
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