Oil prices rose today, Wednesday, amid concern in the markets about a shortage in supplies after Saudi Arabia and Russia extended their voluntary supply cuts until the end of the year.
By 00:08 GMT, Brent crude futures rose 17 cents, or 0.2%, to $90.21 per barrel. On Tuesday, crude oil recorded its first exceeding the $90 level since November, marking the sixth consecutive day of gains.
US West Texas Intermediate crude futures rose 23 cents, or 0.3%, to $86.92 per barrel, after touching the highest level in ten months in the previous session, according to Reuters.
On Tuesday, the Saudi Press Agency quoted an official at the Ministry of Energy as saying that Saudi Arabia will extend its voluntary production cut by one million barrels per day for another 3 months, until the end of December 2023.
Russian Deputy Prime Minister Alexander Novak said in a statement on Tuesday that Russia extended its voluntary decision to reduce its oil exports by 300,000 barrels per day until the end of this year.
The Saudi and Russian voluntary cuts come in addition to the April cut agreed upon by a number of OPEC+ producers, which extends until the end of 2024.
The Saudi News Agency and Novak said that the two countries will review the reduction decisions monthly to study whether to increase the size of the reductions or increase production depending on market conditions.