Oil prices rise amid lingering supply concerns

By Trend

Oil prices rose on Monday as investors remained concerned about global supply shortage, Trend reports citing Xinhua.

Drone attacks on Saudi Arabia's key oil facilities on Sept. 14 knocked out 5.7 million barrels of daily crude production. The amount accounts for more than half of the country's total output, or over 5 percent of the world's total.

Analysts said although news reports showed Saudi Arabia has restored around 75 percent of crude production lost in the attacks, the possibility of another attack supported oil prices.

The West Texas Intermediate for November delivery increased 0.55 U.S. dollar to settle at 58.64 dollars a barrel on the New York Mercantile Exchange, and Brent crude for November delivery added 0.49 dollar to close at 64.77 dollars a barrel on the London ICE Futures Exchange.