Latest developments

Oil prices rise as market awaits US policy steps

Oil prices rise as market awaits US policy steps

Oil prices rose in early trading on Wednesday during a volatile session as investors await Washington’s next move in the war on Iran after Democrats took control of the US Senate in the midterm elections.

 

Brent crude futures gained 82 cents, or 0.8 percent, to $104.42 a barrel as of 05:10 GMT.

 

US West Texas Intermediate (WTI) crude went up 50 cents, or 0.5 percent, to $96.59, reversing earlier declines, Al Jazeera reported.

 

The gains follow the previous session, when Brent settled at its lowest level in nearly four weeks as traders weighed talks aimed at ending the wars in Ukraine and Iran.

 

MNA