Brent crude has surged to $96.17 per barrel on Thursday, DAILY POST learnt.
This is according to Brent crude price data from the Oil Price Chart on Thursday morning.
On Wednesday, the figure surged to $97.24 per barrel, marking its highest point since November 2022.
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This substantial price increase was propelled by an upswing in demand and a noticeable reduction in the crude oil supply.
DAILY POST recalls that Saudi Arabia and Russia played a role in this surge, as they had previously announced oil production cuts scheduled to persist until the end of 2023, with monthly reviews to assess the situation.
The hike comes amid the upcoming Organization of Petroleum Exporting Countries (OPEC) meeting on October 4.
Market analysts within the oil and gas sector anticipate a thorough evaluation of market dynamics and a potential reconsideration of supply levels and prices by the producers.
(Daily Post)
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