(ArabNews, 21.Sep.2022) — Oil prices ticked up on Wednesday on supply concerns, but expectations of another aggressive US interest rate hike capped gains amid investor fears it could lead to a recession and hurt fuel demand.
Brent crude futures rose 11 cents, or 0.1 percent, to $90.73 a barrel by 0415 GMT after falling $1.38 the previous day.
US West Texas Intermediate crude was at $83.99 a barrel, up 5 cents, or 0.1 percent. The October delivery contract expired down $1.28 on Tuesday while the more active November contract lost $1.42.
Colombia’s July oil output rose 2.3 percent year-on-year
Colombia’s crude oil production in July rose 2.3 percent versus the same month a year earlier, the government announced.
Oil output was up to an average of 748,096 barrels per day in the seventh month of this year, compared with production of 731,256 bpd in July 2021, the Ministry of Mines and Energy said in a statement.
Natural gas output in July was 1.12 billion cubic feet per day, the ministry said, down 0.17 percent, compared with the same month in 2021.
State-run Ecopetrol produces the majority of the country’s oil.
With input from Reuters