There is a consistent sequence of increases in crude oil prices in the global market, leading to prices reaching their highest levels in recent years.
According to a report by a global news agency, Brent crude oil has reached $93.59 per barrel with an increase of 32 cents, while US West Texas Intermediate crude has reached $90.27 per barrel with a rise of 24 cents.
The price of Brent futures, which are used for three-quarters of the world's oil prices, has increased by nearly 26% since June following Saudi Arabia's announcement of a reduction in oil production. It
is evident that the price of Brent futures, used for three-quarters of the world's oil prices, has increased by nearly 26% since June following Saudi Arabia's announcement of a reduction in oil production.
Two major oil-producing countries in the global market, Saudi Arabia and Russia, have extended their production cuts until the end of the year, coupled with strong profit margins for Chinese refineries, leading to an increase in production.