Great Britain

Oil prices rise amid tight supplies

NEW YORK, Sept. 27 (Xinhua) -- Oil prices jumped on Monday, lifted by signs of supply tightening.

The West Texas Intermediate (WTI) for November delivery added 1.47 U.S. dollars, or 2 percent, to settle at 75.45 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery increased 1.44 dollars, or 1.8 percent, to close at 79.53 dollars a barrel on the London ICE Futures Exchange.

Both front-month WTI and Brent crude contracts finished at the highest levels since October 2018, according to Dow Jones Market Data.

"The oil market is tight due to growing demand and limited supply. This will probably continue to lend tailwind to oil prices," Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.

"One important reason for the tight supply are the ongoing production outages in the Gulf of Mexico," and "another reason is that OPEC+ has already been producing noticeably less oil than agreed for a number of months," he said.

For the week ending Friday, the U.S. crude benchmark rose 3 percent, while Brent gained nearly 3.7 percent, based on the front-month contracts.

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