Oil has risen to its highest level of 2023 as investors are focused on the prospect of a supply deficit in the fourth quarter after Saudi Arabia and Russia extended supply cuts
. The two are the biggest producers in the OPEC+ group, most other members of which are also curbing output.
Brent oil futures, a global benchmark, traded as high as $94.89 on Monday and the related benchmark used for trading much of the world’s physical cargoes, called dated Brent, stood just above $96 according to LSEG.
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