Oil Prices Hit 10-Month High As Saudi Arabia And Russia Extend Supply Cuts
- Saudi Arabia and Russia have extended their voluntary oil output reductions through the end of 2023, tightening supply.
- Forecasts from OPEC and the IEA predict a significant market deficit in Q4 due to lower output.
- Oil prices have rallied for 10 weeks out of the last 12, with Brent topping $93 and WTI surpassing $90.
- Higher crude prices raise concerns about inflation and put upward pressure on retail fuel costs.
- Some analysts think oil could reach $100/barrel soon, while others see room for prices to pull back.
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