Oil rises amid supply concerns

Oil drilling rigs

Oil prices rose today, Sept. 14, following renewed market concerns about a decline in global supply until the end of the year.

International benchmark Brent crude was trading up 0.53% at $92.37 a barrel, at 08:12 am Makkah time. West Texas Intermediate (WTI) crude rose 0.56% to $89.02 a barrel.

The International Energy Agency in its monthly report said the decisions of Saudi Arabia and Russia to reduce oil production will lead to a sharp decline in global supply until the end of the year.

The report added that oil stocks will decline to worrying levels, which will increase market volatility amid the fragile economic conditions it is currently witnessing.

Meanwhile, oil inventories in the United States rose last week by four million barrels, exceeding expectations for a decline of 1.9 million barrels, according to data from the US Energy Information Administration.