Abu dhabi: Oil prices rose by more than 3 percent during trading today, supported by strong gains in both Brent crude and US West Texas Intermediate. Brent crude futures climbed by US$2.67, or 3.51 percent, to $78.68 a barrel as of 22:04 GMT. US West Texas Intermediate crude futures advanced by US$2.48, or 3.47 percent, to $73.89 a barrel.
According to Emirates News Agency, the surge in oil prices is attributed to various market dynamics influencing the energy sector. The increase in both Brent and US West Texas Intermediate is significant, marking a notable shift in the trading values of these major crude benchmarks. The trading session reflected heightened activity and interest in the oil market, as investors responded to the price movements.