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Oil prices hit 2-week high, shrug off oversupply forecasts

Oil prices hit 2-week high, shrug off oversupply forecasts
Photo Credit: Arabianeye-Reuters

Dubai-Mubasher: Oil prices rose to a record on Tuesday, hitting their highest in nearly two weeks despite oversupply forecasts that may impact prices in the next period.

Crude oil climbed 3.14% or $1.31 to $43.08 a barrel, its highest since 12 November.

Brent also leapt 3.07% to $46.22 a barrel, a level not reached since 11 November.

The strong rise came after the Turkish military shot down a Russian jet fighter along the Syrian border and the dollar weakened.