New york: Oil prices have seen a sharp increase in world commodity markets, APA-Economics reports. On November 14, December futures of WTI oil on the New York NYMEX exchange increased by $1.40, or 2.39%, to $60.09 per barrel. On the ICE exchange, the January 2026 contract of Brent oil rose by $1.38, or 2.19%, to $64.39.

According to Azeri-Press news agency, analysts note that the main reason for the increase in oil prices is the larger-than-expected decrease in commercial oil reserves in the United States. Geopolitical risks in the Middle East have increased concerns about supply, and OPEC+ countries have renewed their intention to keep production at a low level. These factors have strengthened expectations that supply will weaken in the market, leading to a rise in prices.