Oil Prices Spike on Tight Supplies

Oil Prices Spike on Tight Supplies
A general view of the Phillips 66 refinery, as seen from Rodeo, Calif., the oldest oil refining town in the American West, on March 2, 2023. Nathan Frandino/Reuters
|Updated:
0:00

LONDON—Oil prices rose about 1 percent on Tuesday, boosted by a tighter supply outlook, while investors awaited macroeconomic data that could indicate whether interest rates will rise further in the United States and Europe.

November Brent crude futures rose 67 cents, or 0.7 percent, to $91.31 a barrel at 0949 GMT, while U.S. West Texas Intermediate crude futures for October firmed by 76 cents, or 0.9 percent, to $88.05.