Oil shoots up to 2023 highs on tight outlook after Saudi Arabia, Russia supply cuts; Brent over $93/bbl
Brent crude was up $1.74, or 1.88 per cent, at $93.62. The session high of $93.68 was its highest since November 2022.
Oil prices leaped to their highest level this year on Thursday, September 14, extending its rally as expectations of tighter supply outweighed worries about weaker economic growth and rising US crude inventories. Crude oil has picked up a robust momentum ever since Saudi Arabia and Russia extended their voluntary output cuts till the end of December, in order to support prices.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started