Oil prices rise amid expectations of reduced supplies

Baghdad, Oil prices rose during early trading on Tuesday, amid expectations of shrinking supplies in light of a possible disruption to production in Canada due to forest fires, as well as strong demand and voluntary reductions in production.

US West Texas Intermediate crude futures rose 18 cents to $79.30 a barrel by 1224 GMT.

Brent crude futures rose 19 cents to $83.55 per barrel.

Oil prices rose by about 1% at settlement in the previous trading session thanks to improved demand from the United States and China.

The oil market continued to interact with Oil Minister Hayan Abdul-Ghani’s comments on Sunday, in which he said: ‘Baghdad will adhere to the voluntary production cuts reached by the OPEC+ alliance at its meeting,’ and he reiterated that ‘Iraq has made enough voluntary cuts and will not agree to any new cuts in production.

The coalition includes the Organization of the Petroleum Exporting Countries (OPEC) and producers from outside it, led by Russia.

Source: National Iraqi News Agency