Oil prices rise on uncertainty over OPEC+ cuts and Middle East tensions

Oil prices rise on uncertainty over voluntary output cuts by OPEC+ group, Middle East tensions, and positive economic signals in Europe. Saudi Arabia's energy minister suggests OPEC+ production cuts may continue beyond Q1 2024. Kremlin states that OPEC+ cuts will take time to take effect. Resumption of Israel-Hamas war and attacks on commercial vessels in the Red Sea raise supply concerns. European Central Bank rules out interest rate hikes due to fall in inflation, while US factory orders decline, raising concerns about demand in US.