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Oil Prices Surge to Highest Level Since November 2022 as OPEC Report Shows Record Inventory Decline

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Oil Prices Rise to Highest Level Since November 2022

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Oil prices continued to rise in trading today, Tuesday, and Brent rose above $92 per barrel, recording its highest level since November 17, 2022.

Rising Oil Prices

By 16:50 Moscow time, futures for American West Texas Intermediate oil rose by 1.89% to $88.94 per barrel.

At the same time, global Brent oil futures rose 1.62% to $92.11 per barrel, according to Bloomberg data.

The increase in prices can be attributed to the recent OPEC report, which revealed a month-on-month decrease of 7.9 million barrels in OECD oil inventories, reaching a record low of 2.779 billion barrels in July 2023.

Source

Source: RT+TASS

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