Oil prices are hovering near a 10-month high supported by concerns about demand

Oil prices rose on Wednesday, hovering again at the highest level in ten months that they touched in the previous session, as expectations of shrinking global supplies and fears of an interruption in Libyan supplies overshadowed fears of a slowdown in demand in some countries such as China.

By 0054 GMT, Brent crude futures rose eight cents, or 0.1 percent, to $92.14 per barrel, while US West Texas Intermediate crude rose 14 cents, or 0.2 percent, to $88.98 per barrel.

The two benchmarks rose by about 2 percent on Tuesday, closing at their highest levels since November 2022.

He added that news of OPEC member Libya closing four of its eastern oil export terminals due to a deadly storm also contributed to raising oil prices.

The Organization of the Petroleum Exporting Countries (OPEC) stuck to its expectations for strong growth in global oil demand in 2023 and 2024, attributing this to indications that major economies are performing better than expected despite negative factors such as high interest rates and high inflation.