Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery, APA reports citing Reuters.
Brent crude rose 59 cents, or 0.6%, to $101.81 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was up 42 cents, or 0.4%, at $95.31 a barrel.
Both crude oil benchmark contracts touched three-week highs on Wednesday after the Saudi energy minister flagged the possibility thatthe Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will cut production to support prices.
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