Fawad Razaqzada News

Oil prices rose nearly 1 percent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. Brent crude oil was up 59 cents or 0.9 percent to $64.08 a barrel by 11:30 a.m. (1630), still close to Tuesday's intra-day high of $64.65, which was the highest since June 2015. U.S. light crude was up 46 cents or 0.8 percent at $57.27, just shy of this week's more than two-year high of $57.69 a barrel. Saudi Arabia plans to cut its crude exports by 120…

Oil prices rose above $48 a barrel on Thursday, propelled by technical buying and as investors re-evaluated U.S. data that showed falling stockpiles of fuel as well as higher crude inventories. Brent for December delivery rose 51 cents to $48.36 a barrel by 1056 GMT. The global crude benchmark finished down 86 cents, or 1.8 percent, on Wednesday, after hitting $47.50, its lowest since early October. U.S. crude for December delivery climbed 55 cents to $45.75 a barrel, having settled down $1.09, or 2.4 percent, in the previous session. It hit a three-week low of $44.86 on Wednesday. Oil prices came under renewed pressure this week from worries about a global glut, after U.S. crude inventories rose more than twice the figure analysts had expected. U.S.