For the first time in ten months, the price of global oil Brent crude increased to $89.3 per barrel, while the price of US West Texas intermediate crude increased to $85.45 per barrel.
As a result of Russia’s agreement to reduce exports by 300, 000 barrels per day in September after a reduction of 500,000 barrels per day in August, there are growing concerns about tightening oil supplies.
A voluntary cut of one million barrels per day by Saudi Arabia is also anticipated to continue through October of this year.