Oil prices rose on Tuesday, after Saudi Arabia warned that the Organization of the Petroleum Exporting Countries (OPEC) may cut production to correct a recent drop in oil futures.
According to Arab Net, Brent crude futures rose 32 cents to $96.80 a barrel by 00:04 GMT, after a volatile session on Monday, when it fell by more than four dollars before reducing losses to approach stability.
US West Texas Intermediate crude futures also rose 37 cents to $ 90.73 a barrel, according to Reuters.
Brent fell 12%, and US crude 8%, this month.
On Monday, Saudi Arabia said that the organization stands ready to cut production to correct the recent drop in oil prices, which is due to weak futures market liquidity and macroeconomic concerns.
The official Saudi Press Agency quoted Saudi Energy Minister Prince Abdulaziz bin Salman as telling Bloomberg that OPEC + has the means and flexibility to deal with challenges.
Meanwhile, Europe is facing a new disruption to energy supplies due to damage to the pipeline system that transports oil from Kazakhstan through Russia, raising fears of reduced gas supplies.
Limiting price gains, Iran on Monday accused the United States of stalling efforts to revive Tehran's 2015 nuclear deal, a charge Washington denied.
