Oil rises for third consecutive session

Oil drilling rigs

Oil prices rose today, June 28, for the third consecutive session as supply concerns weighed on investor sentiment, even as they awaited the OPEC+ meeting this week that is expected to discuss the possibility of increasing production.

International benchmark Brent crude rose 1.51% to $116.82 per barrel, at 9:10 am Makkah time.

West Texas Intermediate (WTI) crude was up 1.38% to $111.06 a barrel.

Libya faces further disruptions to its exports due to the deepening political crisis, while anti- government protests in Ecuador threaten to halt production in the former OPEC member.

Meanwhile, the US Department of Energy data showed crude oil inventories in the strategic reserve fell to their lowest level in 36 years, as withdrawals continue.