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FX.co ★ Oil Prices Edge Higher Ahead Of IEA And OPEC Reports

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typeContent_19130:::2023-09-12T09:57:00

Oil Prices Edge Higher Ahead Of IEA And OPEC Reports

Oil prices edged higher on Tuesday amid supply worries stemming from fresh disruption from powerful storms and floods in eastern Libya.

Benchmark Brent crude futures climbed 0.7 percent to $91.30 a barrel, while WTI crude futures were up 0.8 percent at $88.03.

Four major oil ports in Libya - Ras Lanuf, Zueitina, Brega and Es Sidra - were closed from Saturday evening for three days, due to flooding and a storm, which killed about 2,000 people.

Investors also await the release of OPEC's closely watched monthly report as well as the International Energy Agency monthly report for clues of how demand is likely to hold up this year.

Most importantly, traders await forecasts of Chinese demand amid dwindling bets that the country will drive oil demand to record highs this year.

Industry data on U.S. crude stocks from the American Petroleum Institute will be published later in the day.

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