- WTI hits 10-month high Monday
- US shale oil production to fall for third straight month in October
- Saudi minister: OPEC+ cuts are necessary to stabilize the market
Sept 19 (Reuters) – Oil prices rose in early trading on Tuesday for the fourth straight session as weak U.S. shale production sparked fresh concerns about a resulting supply shortfall prolonged production cuts by Saudi Arabia and Russia.
U.S. West Texas Intermediate crude futures rose 90 cents, or 1 percent, to $92.38 at 0018 GMT, just shy of a 10-month high hit on Monday, while Futures for global benchmark Brent crude rose 27 cents, or 0.3%, to $94.70 a year. barrel.
Prices have increased for three consecutive weeks.
U.S. oil production from major shale-producing regions is on track to fall to 9.393 million barrels per day (bpd) in October, the lowest level since May 2023, the Energy Information Administration (EIA) said on Monday. UNITED STATES. It will have fallen three months in a row.
The estimates come after Saudi Arabia and Russia this month extended their combined supply cuts of 1.3 million barrels per day (bpd) until the end of the year.
Saudi Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts in oil market supplies, saying international energy markets need light-touch regulation to limit the volatility, while warning of uncertainty regarding Chinese demand, European growth and the action of central banks to combat inflation.
Reporting by Stéphanie Kelly; Editing by Sonali Paul
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