Muscat: Oil prices rose for a fourth straight day today, as investors worried about supply shortages. Brent crude futures for September delivery, which are set to expire on Thursday, rose 27 cents, or 0.4%, to $73.51 a barrel, while US West Texas Intermediate (WTI) crude for September gained 37 cents, or 0.5%, to $70.37 a barrel. The more active Brent October contract was up 29 cents, or 0.4%, at $72.76. Both benchmarks settled 1% higher on Wednesday.
According to Oman News Agency, the sustained increase in oil prices comes as market participants express concerns over potential disruptions in supply. These apprehensions have been fueled by geopolitical tensions and production cuts in key oil-producing regions. The upward trend reflects the market’s sensitivity to any developments that could impact the availability of crude oil globally.
The rise in prices is indicative of investor sentiment leaning towards caution, as they anticipate possible shortages in the coming months. This sentiment is further bolstered by the ongoing recovery in global demand as economies gradually reopen and travel restrictions ease. Both Brent and WTI have seen consistent upward movements, reflecting the complex interplay of supply and demand dynamics in the current market landscape.