15 September 2023
Oil prices are nearing their highest level this year, with the potential to reach $100 per barrel soon, due to tightening supply. Brent crude futures traded at $93.90, while U.S. West Texas Intermediate futures stood at $90.41. These surges are largely attributed to decisions by Saudi Arabia and Russia to cut oil production through the end of the year, leading to significant global inventory drawdowns and added inflationary pressures.