New york: Oil prices have started to increase in world markets. On October 4, November futures of WTI oil on the New York Mercantile Exchange (NYMEX) rose by 0.66% to 60.88 USD per barrel. Meanwhile, December futures of Brent oil on the London ICE Futures Europe (ICE) exchange increased by 0.66% to 64.53 USD per barrel.

According to Azeri-Press News Agency, the price increase occurred amid supply concerns in the market. These concerns have been triggered by geopolitical risks in the Middle East and a reduction in production rates in the United States.