Thats it! Oil Prices Driven Higher

<p>&nbsp;Oil prices extended gains to fresh 10-month highs amid growing concerns over tighter global supplies.</p><p><br /></p><p>The Asian session saw Brent crude oil futures rise to $92.20 a barrel, while US WTI traded firm at $89 a barrel.</p><p><br /></p><p>Both benchmarks jumped nearly 2% on Tuesday to close at their highest level since November 2022.</p><p><br /></p><p>There are new concerns about global supply after OPEC member Libya shut down four oil export terminals due to a storm that crippled the country.</p><p><br /></p><p><br /></p><p>Meanwhile, OPEC said global oil demand is expected to increase by 2.25 million barrels per day in 2024 and predicts a shortfall of 3.3 million barrels per day in the fourth quarter of this year.</p><p><br /></p><p>Earlier, Saudi Arabia and Russia had announced an extension in their voluntary output cuts until the end of the year.</p><p><br /></p><p>Meanwhile, on the demand side, data from the American Petroleum Institute (API) showed US crude oil inventories likely increased by 1.2 million barrels last week.</p>