As of 18:41 Moscow time, November Brent futures were trading at $91.05 a barrel. This is evidenced by the data of the ICE exchange.
The price of WTI October futures contracts on the New York Mercantile Exchange rose 2.74% to $87.89 a barrel. The rise in prices came after Saudi Arabia and Russia announced that they would extend the cuts by 1 million and 300,000 barrels, respectively.
In particular, Deputy Prime Minister of the Russian Federation Alexander Novak announced that the additional cut in production has been extended by 300,000 barrels per day until the end of 2023. This decision was taken to stabilize the market situation.
Saudi Arabia also announced that the cut was extended by 1 million barrels per day. Production in the kingdom in October-December will be around 9 million barrels per day.
Former analyst Gary Ross guessOil prices are expected to rise to $90-100 by the end of the year due to the recovery in demand in China.
Before Russia Announcing a record increase in oil prices.