Oil prices rose on renewed supply concerns, as peace talks aimed at ending the Russia-Ukraine war are expected to take longer. This means ongoing sanctions on Russian crude and increased chances of additional restrictions on buyers.
Brent crude futures rose 0.2% to $65.97 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for September delivery increased 0.1% to $62.46 per barrel.
Prices had fallen by more than 1% at Tuesday’s close amid optimism of a possible agreement that could end the war and ease sanctions on Russia, thereby boosting global supply.
Source (CNBC Arabia Website, Edited)
