LAHORE: The upward trend in crude oil prices in the global market continues, due to which both Brent and US crude oil prices recorded an increase.
Brent crude oil price rose by 93 cents, or 0.92 percent, to $101.51 per barrel. US West Texas Intermediate (WTI) also rose by 82 cents to $90.25 per barrel.
According to Reuters news agency, supply concerns in the market have supported prices. The situation in the Middle East is also the focus of investors, with the possibility of supply disruptions from US oil-producing areas.
According to the report, the attacks on Saudi Arabia by the Yemeni Houthis have raised new concerns about the supply and delivery of oil in the region. In this situation, additional pressure is being seen on prices in the global market.
On the other hand, the supply of crude oil from the Middle East is also increasing, which may balance the supply pressure in the global market to some extent.
The current volatility in oil prices will depend on global supply, regional tensions, and crude oil deliveries from major production centers in the coming days.
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