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Oil settles higher as undersupply fears grow

Oil settles higher as undersupply fears grow

Mubasher: Oil prices rose on Tuesday, as concerns over an undersupply due to the American sanctions on Iran reemerged, especially with a partial shutdown of two oil rigs in the Gulf of Mexico.

Sanctions are set to come into effect next month, and the International Energy Agency (IEA) has urged OPEC to intervene and restore market stability.

Nymex futures for November delivery rose by 0.9% and settled at the level of $74.96 a barrel, while Brent added 1.1% to trade at $84.84 per barrel.