WTI crude futures rose above $91 per barrel on Tuesday, hovering at the highest levels in over ten months amid expectations of a widening market deficit in the fourth quarter due to dwindling supply. The US Energy Information Administration said on Monday that US oil output from top shale-producing regions is on track to decline for the third straight month to 9.393 million barrels per day in October, the lowest since May. Meanwhile, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman defended OPEC+ moves to curtail oil supply on Monday, saying markets were being guided to limit volatility and warning about global economic and demand uncertainties. Earlier this month, Saudi Arabia and Russia announced that they would extend a combined 1.3 million bpd of supply cuts to the end of the year.
