Oil prices rise on supply shortage concerns

Oil prices rose on Thursday as the market remained concerned about possible supply shortage, Trend reports citing Xinhua.

Although Saudi Energy Minister Abdulaziz bin Salman said Tuesday that oil supply will be fully restored by the end of September, analysts said the low global spare capacity at the moment remained a concern for investors and supported oil prices.

Drone attacks on Saudi Arabia's key oil facilities over the weekend knocked out 5.7 million barrels of daily crude production. The amount accounts for more than half of the country's total output, or over 5 percent of the world's total.

The West Texas Intermediate for October delivery increased 0.02 U.S. dollar to settle at 58.13 dollars a barrel on the New York Mercantile Exchange, and Brent crude for November delivery added 0.8 dollar to close at 64.4 dollars a barrel on the London ICE Futures Exchange.