Crude oil prices in the global market remain on an upward trajectory, reaching their highest levels of the month.
According to international news agencies, Brent crude oil has increased by 29 cents, reaching $94.86 per barrel, while U.S. West Texas Intermediate crude has risen by 53 cents to $91.00 per barrel. Meanwhile, Arab Light crude oil is priced at $97.50 per barrel.
It’s noteworthy that Brent futures, which are used to price three-quarters of the world’s oil, have seen an increase of nearly 26% since Saudi Arabia announced production cuts in June.
Both major players in the oil market, Saudi Arabia and Russia, have extended their production cuts until the end of the year. Additionally, Chinese refineries are ramping up production due to strong export margins.
Experts indicate that news of Libya, an OPEC member, shutting down four of its eastern oil export terminals due to a severe storm has also supported oil prices.
