BENGALURU: Oil prices rose a dollar a barrel on Tuesday to their highest since November, after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year, worrying investors about potential shortages during peak winter demand.
Brent crude futures rose by US$1.04, or 1.2%, to settle at US$90.04 a barrel, closing above the US$90 mark for the first time since November 16, 2022. US West Texas Intermediate crude (WTI) futures gained US$1.14, or 1.3%, to settle at US$86.69 a barrel, also a 10-month high.
Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected.
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