This Thursday, September 14, the oil prices reached their highest point of the entire year, iDriven by tighter supply prospects, which prevailed over concerns related to weaker economic growth and rising U.S. crude oil inventories, according to Reuters.
At 11:24 a.m. (CET) (15:24 GMT), the price of the Brent oil registered an increase of US$1.74, equivalent to 1.88%, reaching US$93.62. This value marked its highest point since November 2022, when it reached a session high of US$93.68 per barrel.
Simultaneously, American oil West Texas Intermediate (WTI) experienced a rise of US$1.57, representing an increase of 1.8%, and reached a maximum in the last 10 months, reaching US$89.09.
Last Wednesday, the International Energy Agency announced that Saudi Arabia and Russia have expanded their reductions in crude oil production, which will result in a deficit in the market during the fourth quarter. Despite a brief setback in costs due to an unfavorable report on US inventories, costs quickly resumed their upward trend.
Oil has seen a steady rise over the past three months. Crude oil futures have risen more than 30% since late June, amid tight supply constraints following OPEC+ production cuts.
With information from Reuters
Source: Larepublica
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