A barrel of oil exceeds $95

Economy News – Baghdad

Oil prices rose by more than one percent, on Tuesday, to reach the highest level in 10 months, after weak shale oil production in the United States raised more concerns about the scarcity of supply, caused by extended production cuts from Saudi Arabia and Russia.

By 15:51 GMT, Brent crude futures rose 80 cents, or 0.84 percent, to $95.22 per barrel.

US West Texas Intermediate crude futures also rose 92 cents, equivalent to 1.04 percent, to $91.51 per barrel.