Oil Prices Rebound as US WTI Crude Reaches $98.58 per Barrel

BEIJING: Global oil prices rose again on Wednesday as concerns about possible disruptions to oil supplies from the Middle East and threats to Saudi Arabia’s energy infrastructure continued to affect markets.

Brent crude prices increased by 85 cents, or 0.78%, to $109.64 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude rose by 76 cents, or 0.78%, to $98.58 per barrel.

The latest increase came after oil prices fell during the previous trading session. On Tuesday, Brent crude futures closed 76 cents, or 0.69%, lower at $108.79 per barrel. However, prices reached $111.99 per barrel during the session, their highest level in five months.

US West Texas Intermediate crude futures for November delivery expired on Tuesday and settled $1.87, or 1.8%, lower at $101.79 per barrel.

Concerns about the safety of oil shipments through the Middle East and possible threats to Saudi Arabia’s energy infrastructure continue to contribute to fluctuations in global oil prices.