Oil gains on short covering and outlooks

Oil prices rose today, Tuesday, after reaching their lowest levels since the beginning of September. The market's bets on further declines eased, and traders moved to cover their short positions, leading to an increase in prices. Brent crude climbed by 1.1%, reaching $101.48 per barrel, while West Texas Intermediate rose by 0.9%, reaching $96.65 per barrel. This uptick is partly due to reduced concerns over oil supplies, as Saudi Arabia increased exports through the Strait of Hormuz and flows improved following attacks on pipelines. Additionally, market participants await developments in the negotiations between the United States and Iran during the United Nations meetings.

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