Oil up 1pc

Oil prices gained on Wednesday as renewed concern over supply from the Gulf outweighed signs of increased production. Brent settled at USD92.76, up USD1.27 or 1.39 percent, while US West Texas Intermediate ended at USD86.53, a rise of 49 cents or 0.57 percent. Prices had reached two-month lows in the previous session.

Business Recorder reported that Iran’s security chief opposed removing enriched nuclear material from the country, adding to uncertainty around negotiations with the United States. Disruption risks in the Strait of Hormuz also remain, despite October production gains led by Saudi Arabia; 37 ships were attacked that month, according to data cited in the report. Separately, US crude inventories increased by 9 million barrels in the latest week, based on figures attributed to the American Petroleum Institute.