Oil prices jump 2% to near 10-month high as Opec predicts tight supplies
NEW YORK (Reuters) -Oil prices jumped about 2% to a near 10-month high on Tuesday on a tighter supply outlook and OPEC optimism over the resilience of energy demand in major economies.
Brent futures rose $1.64, or 1.8%, to $92.28 a barrel by 11:15 a.m. EDT (1515 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.91, or 2.2%, to $89.20.
Both benchmarks remained technically overbought for an eighth straight day, on track for their highest settlements since November 2022.
The Organization of the Petroleum Exporting Countries (OPEC) stuck to its forecasts for robust growth in global oil demand in 2023 and 2024, citing signs that major economies are stronger than expected.
