Brent crude oil reaches over $88 per barrel, highest in eight months

Brent crude oil traded at an increased price of over $88 per barrel, the highest in the last eight months.

The Trading Economics report on Saturday noted a substantial 4.8 per cent increase in Brent crude prices over the week.

The development comes amid tightening and expectations that OPEC+ leaders would sustain production output cuts through the rest of the year.

Meanwhile, the West Texas Intermediate (WTI) experienced a notable rise of 7.2% during the same week, marking its most substantial weekly gain since March 2023.

Oil and gas experts believe the price movements are symptomatic of a changing oil market, underlining the substantial fluctuations and influences impacting Brent crude and WTI prices.

(Daily Post)

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.