9/14, 2:19 PM (Source: TeleTrader)
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Oil prices at highest level in 2023

The prices of oil futures recorded gains on Thursday, with the one of West Texas Intermediate (WTI) reaching $90 per barrel for the first time since November. Meanwhile, Brent hit $93 per barrel for the first time in 2023.

The market seemingly responded to the International Energy Agency's (IEA) warning about potential price instability as a result of Saudi Arabia's decision to extend their output cuts until the end of December. The news on the increased stockpiles in the United States did not manage to change the impression left by the IEA's notion that Russia and Saudi Arabia's move will "lock in a substantial market deficit."

WTI for October's deliveries rose by 1.51% at 8:06 am ET to sell for $89.91, having hit $90 per barrel moments earlier. At the same time, Brent for November's settlements advanced by 1.39% to go for $93.18 per barrel.

Baha Breaking News (BBN) / JR