Sept 19 Reuters Oil prices rose on Tuesday for a fourth consecutive session as weak U.S. shale output spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia.

Global oil benchmark Brent crude futures were up 50 cents, or 0.53, to 94.93 a barrel by 1116 GMT. U.S. West Texas Intermediate crude futures were up 94 cents, or 1.03, to 92.42 after breaching 1 gains.

Prices have gained for three consecutive weeks, and both benchmarks are around 10month highs.

U.S. oil output from top shaleproducing regions is on track to fall to 9.393 million barrels per day bpd in October, the lowest level since May 2023, the U.S. Energy Information Administration EIA said on Monday. It will have fallen for three months in a row.

Those estimates come after Saudi Arabia and Russia this month extended a combined supply cuts of 1.3 million bpd to the end of the year.

Prices are being supported by concerns over supply tightness and technical factors, said Kelvin Wong, a senior market analyst at OANDA in Singapore.

There has been a persistent shortterm uptrend seen in the WTI crude oil futures where prior dips had been held by its 5day moving average since 29 August…which is now acting as a key shortterm support at around 89.90 per barrel, Wong noted.

Oil39;s ascent into overbought territory leaves the market vulnerable to a correction, analysts from National Australia Bank wrote in a client note, pointing to volatility after…