Oil prices rise due to reduced supply

SGGP 09/20/2023 09:35

On September 19, world oil prices increased for the fourth consecutive session.

US crude futures rose 98 cents, or 1.1%, to $92.46 a barrel, while global benchmark Brent crude rose 46 cents, or 0.49%, to $94.89 a barrel, Reuters reported. Oil prices have risen for three straight weeks and are now at their highest in about 10 months for both benchmarks.

The US Energy Information Administration (EIA) said that output from the top shale oil producing regions in the US is on track to fall to 9.393 million barrels per day in October, the lowest level since May 2023 and falling for three consecutive months.

In addition, Saudi Arabia and Russia this month extended their combined supply cuts of 1.3 million barrels per day until the end of 2023. Both countries are the largest oil producers in the OPEC+ group, and most other members are also limiting production. According to a forecast by Swiss bank UBS, world oil prices will soon surpass $ 100 / barrel in the coming months.

Source: https://www.sggp.org.vn/gia-dau-tang-do-nguon-cung-giam-post706301.html