Brent crude futures rose 19 cents, or 0.26 percent, to $73.81 per barrel by 0916 GMT, while US West Texas Intermediate crude futures increased 13 cents, or 0.19 percent, to $70.07.
And achieved Brent Yesterday, Tuesday, it gained its largest gain in two weeks when it rose 2.5 percent.
Priyanka Sachdeva, a market analyst at Philip Nova, said that oil prices received support from a fragile ceasefire between Israel and the Hezbollah group, South Korea’s announcement of imposing martial law, and an attack launched by opposition forces in Syria that threatens to attract forces from oil-producing countries. According to what was reported by Reuters.
She said IsraelTuesday, she will return to war with… Hezbollah If the truce between them collapses, in this case attacks will be launched deep into Lebanon and the country itself will be targeted. The comment came the day after the deadliest day since Israel and Hezbollah agreed to a ceasefire last week.
Industry sources told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as the OPEC+ group, are likely to extend production cuts until the end of the first quarter of next year when members meet tomorrow, Thursday.
The OPEC+ alliance aims to gradually end production cuts during 2025.
Market sources, citing data from the American Petroleum Institute, said that crude oil inventories in the United States rose by 1.2 million barrels last week.
Gasoline stocks also rose by 4.6 million barrels, despite the fact that the week included Thanksgiving, when demand usually rises as families travel by car for the holidays.
Official data on oil inventories is expected to be released from the US Energy Information Administration at (1530 GMT) today, Wednesday. Analysts polled by Reuters expect a decrease of 700,000 barrels in crude oil and an increase of 639,000 barrels in gasoline.
