Abu dhabi: Oil prices rose by nearly 1 percent in early trading today, moving away from the seven-week lows recorded in the previous session. The rebound was driven by geopolitical developments in the Middle East, tightening global supply, and a significant drop in US crude inventories. Brent crude futures gained 83 cents, or 0.9 percent, to reach $92.29 a barrel. Concurrently, US West Texas Intermediate (WTI) crude futures rose by 68 cents, or 0.8 percent, to trade at $88.97 a barrel.
According to Emirates News Agency, the recent developments in the Middle East have contributed to concerns over potential disruptions in oil supply, influencing the market's dynamics. The decrease in US crude inventories has further accentuated the supply tightness, prompting a rise in prices. These factors combined have led to a shift in market sentiment, causing a rebound in oil prices after the decline in the previous session.