The "Bay Drill 3" jack-up drilling rig is pulled by a tugboat at CIMC Raffles' construction base in Yantai, East China's Shandong province, April 26, 2023.
Oil prices rose in early trade on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.
U.S. West Texas Intermediate crude futures rose 90 cents, or 1%, to $92.38, by 0018 GMT, just under a 10-month high reached on Monday, while global oil benchmark Brent crude futures rose 27 cents, or 0.3%, to $94.70 a barrel.
U.S. oil output from top shale-producing regions is on track to fall to 9.393 million barrels per day in October, the lowest level since May 2023, the U.S. Energy Information Administration said on Monday.
Those estimates come after Saudi Arabia and Russia this month extended a combined 1.3 million barrels per day of supply cuts to the end of the year.
Persons:
Prince Abdulaziz bin Salman
Organizations:
Raffles, U.S . West Texas, Brent, U.S . Energy, Administration, Saudi Arabia's Energy
Locations:
Yantai, East China's Shandong province, U.S, Saudi Arabia, Russia