Oil Prices Rise Due To Supply Concerns and Recovering Demand in China

  • International
  • 18 September 2023
1

Oil prices rose, buoyed by expectations of a widening supply deficit in the fourth quarter after OPEC+ extended production cuts, as well as optimism about a recovery in demand in China, the world's largest crude importer.

Brent crude futures rose 5 cents, or 0.1 percent, to $93.98 a barrel. West Texas Intermediate crude futures rose 15 cents, or 0.2 percent, to $90.92 a barrel.

Crude rose for a third straight week to their highest since November after Saudi Arabia and Russia extended production cuts until the end of the year as part of OPEC+ plans and as Chinese refinery output increased, supported by strong export margins.

Source (Al-Arabiya.net Website, Edited)

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