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LONDON, Sept 12 - Oil prices jumped by about 1% on Tuesday, boosted by a tighter supply outlook and OPEC optimism over the resilience of major economies in the face of rising interest rates.
Brent breached $90 a barrel last week for the first time in 10 months after Saudi Arabia and Russia announced they would extend a combined 1.3 million barrels per day of voluntary supply cuts until the end of the year. The Organization of the Petroleum Exporting Countries on Tuesday stuck to an upbeat demand growth forecast for this year and next.
Meanwhile, August U.S. consumer price index data due on Wednesday is expected to provide some indication on the outlook for U.S. interest rates. The Federal Reserve is widely expected to leave rates unchanged at a policy meeting next week, though views are split over whether it will raise rates in November.The European Commission on Monday forecast that the euro zone will grow more slowly than previously expected in 2023 and 2024.
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