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
Kim Jong-un offers full support to Russia in Ukraine war
- 4 hours ago
Iran confirms assassination attempt on President Pezeshkian amid Israeli airstrikes
- 6 hours ago
PTI expels five lawmakers for defying party policy
- 2 hours ago
High risk near rivers as Tarbela spillways open today
- 6 hours ago
Indian drone strike kills 3 separatist leaders in Myanmar
- 2 hours ago
Sindh police give 10-day deadline to personnel to quit gutka, mawa use
- 5 hours ago
Karachi police bust betel nut smuggling hidden in cement sacks
- 2 hours ago
Emergency vaccination reduced deaths by nearly 60% during epidemics, study finds
- 4 hours ago
WhatsApp introduces new feature to show how many people are typing in group chats
- 5 hours ago
Wildlife force deployed as no-bird zones enforced near Lahore airport
- 7 hours ago
Frontier Constabulary to become countrywide force under new ordinance
- 2 hours ago
Rawalpindi to Multan bus meets accident; 5 in critical condition
- 7 hours ago
