Oil Prices Surge as Brent Crude Hits $94 a Barrel
Trading data on the London Stock Exchange showed the price of the Brent crude futures contract for November delivery exceeded $94 a barrel for the first time since November 16, 2022.
Price Increase of Brent Oil
According to the exchange data, at 23:13 Moscow time, the price of Brent oil increased by 2.05% and reached $94.08 per barrel.
By 23:22 Moscow time, Brent oil was trading at $93.99 (1.95%). Meanwhile, West Texas Intermediate crude futures for October delivery rose 1.78% to $90.52 a barrel.
Extension of Voluntary Cuts
Russia and Saudi Arabia recently announced an extension of voluntary cuts in daily oil production and exports until the end of this year, 2023.
Positive Impact on Oil Prices
Oil prices rose on Tuesday following the cut decision, with Brent hitting its highest level since November 18, 2022, after Russia and Saudi Arabia announced decisions to support oil markets.