Oil climbs on supply concerns

Oil climbs on supply concerns

Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter.

Brent crude futures rose 71 cents, or 0.8%, to $94.64 a barrel by 0622 GMT while U.S. West Texas Intermediate crude futures were at $91.55 a barrel, up 78 cents, or 0.9%.

Traders will be watching decisions and commentary by central banks, including the U.S. Federal Reserve, this week on interest rate policies, as well as key economic data out of China.

Brent and WTI have climbed for three consecutive weeks to touch their highest levels since November and are on track for their biggest quarterly increase since the first quarter of 2022.

Source: Bahrain News Agency