SINGAPORE (dpa-AFX) – Oil prices remained close to their ten-month highs marked the previous day on Wednesday morning. In early trading, a barrel (159 liters) of North Sea Brent for delivery in November cost $92.31. That was 25 cents more than the evening before. The price of a barrel of American West Texas Intermediate (WTI) for October delivery rose 27 cents to $89.11.
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For several days now, oil prices have been hitting new highs since last November. The background is the limited supply from large producing countries. Saudi Arabia and Russia have been keeping their supplies tight for a long time. The official line is to keep the market in balance. However, new figures from the OPEC oil cartel raise doubts about this.
The day before, OPEC announced that it expected a supply deficit of more than three million barrels a day for the fourth quarter. It would be the largest deficit in at least a decade. The US government institution EIA is currently expecting a significantly lower deficit. The International Energy Agency wants to publish new figures this Wednesday./bgf/stk