Brent crude oil prices have continued their upward surge, reaching $97 per barrel on September 28. This represents a 3 percent increase overnight and a significant 30 percent rise throughout the third quarter of this year. If this trend continues, it could make the current quarter the most profitable for crude oil prices since early 2022, according to experts. Several factors have contributed to this price rally, including a substantial reduction in US crude oil stocks, which have fallen well below the critical threshold of 22 million barrels. Additionally, geopolitical actions such as Saudi Arabia's production cuts and Russia's export restrictions have heightened concerns about tight global oil supplies. Join Manisha Gupta as she discusses these developments with Ajay Kedia of Kedia Commodities.
first published: Sep 28, 2023 01:44 pm
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