Oil prices surged by more than 1% on Tuesday, reaching the highest levels in 10 months, Reuters reported.
Concerns about limited U.S. shale production, combined with extended production cuts by Saudi Arabia and Russia, intensified worries about the oil supply, Reuters reported.
The global benchmark, Brent crude futures, saw an increase of $1.02 or 1.1%, reaching $95.45 per barrel by 10:52 a.m. EDT (1452 GMT).
It reached a peak of $95.96 per barrel during the session, marking the highest level since November.
U.S. West Texas Intermediate crude futures also rose by $1.30 or 1.4%, reaching $92.78. It hit $93.74 per barrel, the highest since November.
This marks the fourth consecutive session of price gains.
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