OIL prices rose on Tuesday for the fourth consecutive session, as weak shale output in the United States spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.
U.S. West Texas Intermediate crude futures rose 98 cents, or 1.1%, to $92.46, by 0630 GMT, while global oil benchmark Brent crude futures rose 46 cents, or 0.49%, to $94.89 a barrel.
U.S. oil output from top shale-producing regions is on track to fall to 9.393 million barrels per day in October, the lowest level since May 2023, the U.S. Energy Information Administration said on Monday. It will have fallen for three months in a row. Prices are being supported by concerns over supply tightness and technical factors, said Kelvin Wong, a senior market analyst at OANDA in Singapore.
"Oil’s ascent into overbought territory leaves the market vulnerable to a correction," analysts from National Australia Bank wrote in a client note, pointing to volatility after speeches from Saudi Aramco CEO Amin Nasser and Saudi Arabia's energy minister on Monday.
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