Oil prices surged to their highest point this year in the previous week due to escalating concerns over tight crude oil supplies.

This uptick followed the announcements from Saudi Arabia and Russia regarding the extension of production cuts.

The two primary oil benchmarks, namely Brent crude and U.S. West Texas Intermediate (WTI), reached their highest levels since November 2022 last week.

Brent futures experienced a 0.8% increase, settling at $90.65 on Friday, while WTI registered a 0.7% rise, settling at $87.51 after concluding higher on Wednesday, Fox News reported.

Both benchmarks demonstrated an approximate 2% increase during the week, building on substantial gains from the preceding week, where Brent saw an increase of about 5% and WTI surged by around 7%.

In the year 2023, these benchmarks have witnessed a cumulative rise exceeding 13%.

Written by staff