"Supply Deficit Concerns Drive Oil Prices Higher"
Oil prices rose for a fourth consecutive session due to concerns over a supply deficit caused by extended production cuts by Saudi Arabia and Russia, as well as weak U.S. shale output. Global benchmark Brent crude futures increased by 0.43% to $94.84 a barrel, while U.S. West Texas Intermediate crude futures rose by 1.01% to $92.40. The U.S. Energy Information Administration reported that U.S. oil output from top shale-producing regions is expected to fall to its lowest level since May 2023. However, analysts warn that the market's ascent into overbought territory leaves it vulnerable to a correction.