Oil prices edge up about 1pc

Business Recorder reported that crude benchmarks gained on Wednesday, with Brent ending at USD115.32 a barrel after adding USD1.44, while West Texas Intermediate finished at USD102.78, up USD2.88. The respective advances were 1 percent and 3 percent, and Brent moved back into technically stretched conditions.

Fears of supply interruptions linked to fighting in Yemen, an alleged strike on a Saudi refinery and possible US action against Iran supported prices. A US government report also showed crude inventories fell by 1.9 million barrels in the week to October 23, against analysts’ expected 15,000-barrel increase. Traders are now watching Sunday’s OPEC+ meeting, where producers are expected to leave December output goals unchanged.