Business / Finance

Oil gains on supply woes after OPEC+ output cuts

Logo Channel NewsAsiaChannel NewsAsia
2023-09-06 00:29:43  • 3 mins

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NEW DELHI :Oil prices ticked up in early Asian trade on Wednesday after rising over 1 per cent in the previous session, as markets worried about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year.

Brent crude futures rose by 14 cents to $90.18 a barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI) futures gained 12 cents at $86.81 a barrel.

Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected.

"These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Jorge Leon, senior vice president at consultancy Rystad Energy, said in a note.

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