Sana'a: Oil prices rose more than 1% on Wednesday, extending gains for a second day, supported by supply risks linked to sanctions, hopes for a US-China trade deal, and news that the US is seeking oil to replenish its strategic reserves. Brent crude futures rose 94 cents, or 1.5%, to $62.26 a barrel by 04:00 GMT, while US West Texas Intermediate (WTI) crude futures rose 92 cents, or 1.6%, to $58.16. According to Yemen News Agency, oil recovered from Monday's five-month low, driven by increased oil production from producers and the impact of trade tensions on demand. The recent rise in oil prices underscores the ongoing volatility in global oil markets, as geopolitical factors and economic negotiations continue to influence market dynamics. The move by the US to replenish its strategic reserves is seen as a proactive step to counter potential disruptions in oil supply. The anticipation of a US-China trade deal also contributes to a more optimistic outlook for future demand, which further supports price incre ases.
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