On Thursday, September 28, Brent Crude oil rose to $97.2 per barrel making it to reach its highest level since it climbed in November last year.
The surge in oil prices was driven by the rise in demand and a marked decrease in crude oil supplies.
On the other hand, Saudi Arabia and Russia one of the biggest oil-producing countries recently announced an oil production cut which would continue till the end of 2023, with monthly reviews to analyse the situation.
It was in the first week of September that the benchmark surpassed $90 per barrel for the first time in 10 months on the back of the voluntary cuts by Saudi Arabia and Russia.
However as the Organization of Petroleum Exporting Countries (OPEC) schedules a meeting on October 4, market analysts expect that a thorough investigation will be conducted on market dynamics and a look at the supply levels and prices put out by producers.
Read more: https://www.investingport.com/crude-oil-prices-reach-2023-all-time-high-at-97-per-barrel/