Post: Oil Prices Close Higher as Investors Monitor Global Supply and Trade Dispute

Doha: Oil prices rose at the close of trading Tuesday as investors weighed the outlook for a global supply surplus and monitored developments in the ongoing trade dispute between the United States and China, the world two largest crude consumers. Brent crude futures gained 31 cents, or 0.5 percent, settling at $61.32 a barrel. US West Texas Intermediate (WTI) futures for November delivery, which expired at settlement, rose 30 cents, also 0.5 percent, to close at $57.82 a barrel. According to Qatar News Agency, both benchmarks hit their lowest levels since early May on Monday, pressured by record-high US oil production and a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to proceed with planned output increases, raising expectations of a global supply glut.