Oil prices rose on Wednesday for the fourth consecutive session after fears of a lack of supply outweighed concerns about a global economic slowdown.<\/p>\n\n\n\n
Brent crude futures, the benchmark for August, saw little change to $117.9 a barrel by 0917 GMT. The August contracts expire on Thursday, and the September contracts rose 23 cents, or 0.2 percent, to $114.06 a barrel.<\/p>\n\n\n\n
US West Texas Intermediate crude futures rose 44 cents, or 4.0 percent, to $112.20 a barrel.<\/p>\n\n\n\n
Both benchmarks rose more than 2 percent on Tuesday due to fears of supply shortages as a result of Western sanctions imposed on Russia, which outweighed fears of slowing growth due to a possible economic recession.<\/p>\n\n\n\n
Saudi Arabia and the UAE are seen as the only two OPEC members that have spare production capacity to make up for the lack of Russian supplies.<\/p>\n\n\n\n
But statements this week by UAE Energy Minister Suhail Al-Mazrouei and French President Emmanuel Macron made clear that there are few opportunities to increase production in the two countries.<\/p>\n\n\n\n
The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, which includes allies such as Russia, start two-day meetings on Wednesday, and analysts said a major change in production policies was unlikely this month.<\/p>\n\n\n\n
Analysts also warned that political turmoil in Ecuador and Libya could heighten concerns about a supply shortage.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Wednesday for the fourth consecutive session after fears of a lack of supply outweighed concerns about a global economic slowdown. Brent crude futures, the benchmark for August, saw little change to $117.9 a barrel by 0917 GMT. The August contracts expire on Thursday, and the September contracts rose 23 cents, or …<\/p>\n","protected":false},"author":9,"featured_media":54086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7156,8186,7004,6909],"class_list":["post-67835","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-brent","tag-oil-surplus","tag-opec-2","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=67835"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67835\/revisions"}],"predecessor-version":[{"id":67836,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/67835\/revisions\/67836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/54086"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=67835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=67835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=67835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}