Crude oil hits highest level this year; supply set to remain tight
Both contracts are on course for healthy gains this week, continuing the previous week’s surge, on the back of Saudi Arabia and Russia announcing that they will extend voluntary output cuts until the end of the year.The decision by these two major producers to limit supply will result in a market deficit through the fourth quarter, the International Energy Agency said in its monthly report, published Wednesday.
The prospect of tighter markets is likely to underpin prices in the coming months, the Organization of Petroleum Exporting Countries also noted in its monthly reports earlier this week. OPEC also retained its forecasts for robust growth in global oil demand this year and next, saying"pre-COVID-19 levels of total global oil demand will be surpassed in 2023."This positive tone has helped traders shut out concerns about higher interest rates in the U.S. potentially hitting economic activity in the world’s largest energy consumer.
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