Oil prices surged on Thursday, as U.S. crude oil prices surged past the $90 per barrel mark, fueled by mounting expectations of a tightening supply.
West Texas Intermediate (WTI) crude experienced a 1.7% increase, reaching a peak of $90.12 per barrel, marking its highest level since November 2022. Meanwhile, Brent crude rose by 1.9%, hitting $93.62 per barrel, marking a 10-month high.
The decision by Saudi Arabia and Russia to prolong their oil production cuts through the end of 2023 has the potential to lead to a significant market deficit for the remainder of the year, according to the International Energy Agency’s report on Wednesday.
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