Brent crude futures rose $1.38, or 1.5%, to $94.52 a barrel
Oil prices rose on Tuesday more than 1% after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure.
Brent crude futures rose $1.38, or 1.5%, to $94.52 a barrel at 2:22 p.m. EST (1922 GMT). U.S. West Texas Intermediate crude rose $1.60, or 1.9%, to $87.47.
Russia's state-owned pipeline monopoly Transneft (TRNF_p.MM) has been notified by Ukraine that oil supply to Hungary via the Druzhba oil pipeline is temporarily suspended due to a fall in pressure, the RIA news agency quoted Transneft as saying on Tuesday.
Also boosting prices, US producer prices increased less than expected in October, more evidence that inflation was starting to ease, which could allow the Federal Reserve to slow its aggressive pace of interest rate hikes.
SOURCE: REUTERS
US says Iran fired seven ballistic missiles toward Kuwait, Bahrain
- 18 hours ago
Saudi Arabia thrash Puerto Rico 3-0 after weather delay in first win under Donis
- 20 hours ago
Massive decline in gold prices in Pakistan, global markets
- 21 hours ago
U-18 Asia Cup Hockey Tournament: Pakistan beat Malaysia, clinch bronze medal
- 15 hours ago
Kevin O’Leary agrees to downsize massive Utah data center
- 8 hours ago
As AI gets better, it reveals an empty promise
- 8 hours ago
Trump’s least qualified appointee yet
- a day ago
Naqvi calls on PM Shehbaz before Tehran visit
- 15 hours ago
India's 'Cockroach' youth movement founder arrives in New Delhi to protest Modi
- 20 hours ago
Hot, dry weather prevailing in most parts of country today
- 20 hours ago
The Trump White House keeps losing
- a day ago
Pakistan rejects India’s remarks on Gilgit-Baltistan elections
- 21 hours ago
