Investing.com -- Oil prices rose Thursday, adding to the previous session’s gains on increased concerns over the potential for supply disruptions from the crucial Middle East region. Risk of supply disruptions risesBoth contracts surged around 3% on Wednesday after protests over high fuel prices caused Libya’s El Sahara oil field to halt production, with the field producing about 300,000 barrels per day. Tensions are growing in the Middle East, and although supply from this crucial region has yet to be seriously impacted traders are beginning to add a premium given the growing possibility that this occurs. “Given that some OPEC+ members agreed on additional voluntary cuts of almost 900,000 bbls/d for 1Q24, OPEC output will edge lower this month,” analysts at ING said, in a note. Related ArticlesOil prices rise again on increased chance of disruptions to Middle East supplyOil steadies as Middle East supply worries balance economy concernsGold slips below $2,050 as dollar rebounds amid Fed uncertainty
