Oil Prices Rise Slightly Amid Europe, Middle East Tensions
Global oil prices inched higher on Monday as tensions in Europe and the Middle East raised concerns over supply risks. Airspace disputes in eastern Europe and fallout from Palestinian state recognitions in the Middle East added to investor caution.
Key Price Moves
Brent crude rose by US$0.34 to $67.07 per barrel. U.S. West Texas Intermediate (WTI) for October delivery increased by US$0.34 to $63.02 per barrel, while the more active November contract gained US$0.36.
Supply and Demand Pressure
Despite geopolitical concerns, oil markets remain weighed down by rising supply and weak demand outlook. Iraq has boosted exports under the OPEC+ framework, while stockpiles in both the U.S. and China are climbing. Analysts say this oversupply could limit further price gains.
