"Oil Prices Surge as Concerns Mount over Limited Supply"

Oil prices rebounded and settled higher on Tuesday, recovering from a two-week low, as concerns over tightening supply outweighed worries about a sluggish economic outlook. Brent crude futures rose 0.7% to $93.96 a barrel, while U.S. West Texas Intermediate crude futures increased 0.8% to $90.39. Russia lifted its ban on gasoline and diesel exports, except for high-quality diesel and gasoline. The extension of production cuts by Russia and Saudi Arabia, along with expectations of underwhelming oil supply, supported the rebound. However, fears of higher oil prices and prolonged higher interest rates dampened demand for refined products. The U.S. dollar also reached a 10-month high, which could weigh on oil demand. Moody's warned that a U.S. government shutdown would harm the country's credit rating. Industry data showed a rise in U.S. crude oil stockpiles, while concerns about tightening supplies in the Cushing storage hub boosted prices.