Oil near 10-month peak on supply tightness

Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds.

Benchmark Brent futures edged higher by 8 cents, or 0.1%, to $92.14 a barrel by 0630 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 13 cents, or 0.2%, to $88.97 a barrel.

Both benchmarks surged nearly 2% on Tuesday to close at their highest levels since November 2022.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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