Oil Prices Surge as Brent Crude Hits $94 a Barrel
Trading data on the London Stock Exchange revealed that the price of the Brent crude futures contract for November delivery has surpassed $94 a barrel for the first time since November 16, 2022.
Rise in Brent Oil Price
Based on the exchange data, the price of Brent oil saw a 2.05% increase, reaching $94.08 per barrel at 23:13 Moscow time.
West Texas Intermediate Crude Futures
By 23:22 Moscow time, Brent oil was trading at $93.99 (1.95%). Simultaneously, West Texas Intermediate crude futures for October delivery also rose by 1.78% to $90.52 a barrel.
Extension of Oil Production Cuts
Russia and Saudi Arabia recently announced the extension of voluntary cuts in daily oil production and exports until the end of 2023. This decision contributed to the rise in oil prices.
Positive Market Response
Following the cut decision, oil prices surged on Tuesday. Brent oil reached its highest level since November 18, 2022, after the supportive actions taken by Russia and Saudi Arabia to stabilize oil markets.
Source: RT
