LONDON—Oil prices rose by more than $1 on Thursday in response to tighter supplies.
Brent crude futures rose $1.33, or 1.4 percent, to $93.74 a barrel at 1020 GMT.
U.S. West Texas Intermediate crude for November delivery, which expires on Thursday, rose $1.43, or 1.7 percent, to $86.98 per barrel. The WTI contract for December delivery was up 1.8 percent, or $1.51, at $86.03 a barrel.
China, the world’s largest crude importer, has stuck to strict COVID-19 curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel.
Looming European Union ban on Russian crude and oil products, as well as the output cut from the Organization of the Petroleum Exporting Countries and other producers including Russia, known as OPEC+, have also supported prices….