Oil grows over 1% on expectations of supply shortage

World oil prices rose steeply on Tuesday morning amid concerns about the supply shortage in the market, as evidenced by trading data and analysts' comments.

Reported from Reuters, that the price of October futures for Brent crude rose by 1.28% to $101.47 per barrel, September futures for WTI - by 1.28% to $97.94.

Brent crude futures for October settlement rose 1.28%, to $101.47 a barrel.

US West Texas Intermediate (WTI) crude futures for September delivery increased 1.28% to $97.94 a barrel.

The oil market has been showing a lot of volatility lately as investors scramble to assess supply and demand prospects. On the one hand, a potential slowdown in the global economy may lead to a reduction in the consumption of crude, and on the other hand, there is still a shortage of supply, which keeps prices at current levels.

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