Oil Prices Rise Due To Tension In The Middle East

Baghdad /NINA/- Oil prices rose in early Asian trading today, Tuesday, after falling sharply in the previous session due to tension in the Middle East.

Brent crude futures rose 26 cents, or 0.34%, to $76.38 per barrel by 03:11 GMT, while US West Texas Intermediate crude futures rose 20 cents, or 0.28%, to 70, $97 per barrel.

Brent fell more than 3% and US crude fell 4% on Monday, due to sharp price cuts by Saudi Arabia, the largest oil exporter, and an increase in OPEC production.

According to a survey conducted by Reuters, it concluded that OPEC’s oil production rose in December 2023, as increases in Angola, Iraq, and Nigeria offset ongoing reductions by Saudi Arabia and other members of the broader OPEC+ alliance. /End