Oil prices rose on Monday as investors focused on expectations of tighter supplies after Moscow issued a temporary ban on fuel exports amid continuing concerns that another interest rate hike could dampen demand.<\/p>\n\n\n\n
Brent crude futures increased 69 cents, or 0.7 percent, to $93.96 a barrel by 0646 GMT, after falling three cents upon settlement on Friday.<\/p>\n\n\n\n
US West Texas Intermediate crude futures continued their gains for the second session in a row, trading at $90.57 per barrel, up 54 cents, or 0.6 percent.<\/p>\n\n\n\n
Both contracts fell last week, ending a three-week winning streak after the Federal Reserve’s latest stance roiled global financial sectors and raised concerns about oil demand.<\/p>\n\n\n\n
Prices rose by more than 10 percent in the previous three weeks thanks to expectations of a wide deficit in crude supplies in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts until the end of the year.<\/p>\n\n\n\n
Last week, Moscow temporarily banned gasoline and diesel exports to most countries in order to stabilize the domestic market, raising fears of a decline in supplies of products, especially heating oil, with the approach of winter in the Northern Hemisphere.<\/p>\n\n\n\n
In the United States, the number of operating oil rigs fell by eight to 507 last week, the lowest level since February 2022, despite rising prices, a weekly report issued by Baker Hughes showed on Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices rose on Monday as investors focused on expectations of tighter supplies after Moscow issued a temporary ban on fuel exports amid continuing concerns that another interest rate hike could dampen demand. Brent crude futures increased 69 cents, or 0.7 percent, to $93.96 a barrel by 0646 GMT, after falling three cents upon settlement …<\/p>\n","protected":false},"author":9,"featured_media":82293,"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":[6846,6936,7587],"class_list":["post-89915","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil","tag-oil-prices","tag-us-stocks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89915","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=89915"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89915\/revisions"}],"predecessor-version":[{"id":89916,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89915\/revisions\/89916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/82293"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=89915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=89915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=89915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}