Introduction

Trading data from the London Stock Exchange has 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.

Rising Brent Oil Prices

Based on exchange data, the price of Brent oil experienced a 2.05% increase, reaching $94.08 per barrel at 23:13 Moscow time.

By 23:22 Moscow time, Brent oil was trading at $93.99, reflecting a 1.95% increase. In the meantime, West Texas Intermediate crude futures for October delivery surged by 1.78% to $90.52 a barrel.

Extension of Oil Production Cuts

Recently, Russia and Saudi Arabia announced the extension of voluntary cuts in daily oil production and exports until the end of 2023. This decision has contributed to the rise in oil prices.

Market Impact

Following the announcement of the production cut extension, oil prices climbed on Tuesday. Brent oil reached its highest level since November 18, 2022, as Russia and Saudi Arabia demonstrated their commitment to supporting oil markets.

Source

Source: RT