According to DAILY POST, the price of Brent crude rose to $96.17 per barrel on Thursday.
This is based on information from the Thursday morning Oil Price Chart about the price of Brent oil.
The price rose to $97.24 per barrel on Wednesday, reaching its highest level since November 2022.
Demand surged, driving up demand, while supply of crude oil was noticeably reduced, driving up price significantly.
According to DAILY POST, Saudi Arabia and Russia were two countries that contributed to this increase because they had already pledged oil production cuts that would last through the end of 2023, with monthly reviews to gauge the situation.
The increase coincides with the Organisation of Petroleum Exporting Countries (OPEC) conference that will take place on October 4.
Market analysts in the oil and gas industry believe that producers will carefully assess market dynamics and maybe reevaluate supply levels and prices.
