Oil prices were higher today as weak shale production is offsetting concerns about demand. U.S. oil output from top shale-producing regions is also expected to fall for a third month in a row in October to its lowest level since May 2023. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility, while also warning of uncertainty about Chinese demand, European growth and central bank action to tackle inflation. Brent and WTI have climbed for three consecutive weeks to touch their highest since November and are on track for their biggest quarterly increases since Russia’s invasion of Ukraine in the first quarter of 2022. The Brent benchmark traded in overbought territory for a seventh straight session, while WTI traded in overbought territory for a fifth straight session.WTI traded up $.71 to close at $91.48. Brent traded up $.50 to close at $94.43.