Oil rises slightly in limited range trading
The world oil markets witnessed a limited rise in prices during today's trading, amid expectations that the OPEC alliance will agree to increase production by 411 thousand barrels per day starting next August, which limited the size of the gains.
At the same time, geopolitical developments in the Middle East have raised new fears of supply disruption, especially after Iran's decision to cut off its contacts with the IAEA, which could increase speculative pressures and push prices up.
On the other hand, positive economic indicators released today by some major economies contributed to strengthening the expected demand for energy, which may support crude prices during the coming period.
However, the market remains sensitive to any new developments, both on the supply side and political factors.
