Oil prices rose after OPEC reported on the strength of market fundamentals

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Oil prices rose after OPEC reported on the strength of market fundamentals

Today, on Tuesday, oil prices went up following a report by the Organization of the Petroleum Exporting Countries (OPEC) stating that market fundamentals are still solid. This happened amidst concerns over a possible supply disruption, as the United States tightens its grip on Russian oil exports.

At 0113 GMT, Brent crude futures rose by 0.4% or 33 cents to $82.85 per barrel while US West Texas Intermediate crude futures also increased by 0.4% or 33 cents to $78.59 per barrel.

Last week, oil prices hit a low not seen since July due to concerns over decreased demand in the US and China, the world’s top oil consumers.