How to Maximize Oil Profits Despite Global Supply Dynamics
In the ever-changing world of global commodities and currencies, oil profits have recently become a topic that is making headlines. Oil prices reached their highest level this year on Thursday, September 14th, 2023. This remarkable rally defied fears of a weaker economy and rising US crude stocks. Saudi Arabia and Russia have cut their oil production, which has stabilized prices until December.
Oil prices defy gravity
Brent crude led the charge with an increase of $1.74 (1.88%) to $93.62, a new session high. The previous highest price was $93.68 in November 2022. US West Texas Intermediate (WTI), meanwhile, gained $1.57 (1.8%), surging to $90.90 and reaching its 10-month high at $90.26. Both benchmarks reached a technical overbought level, reflecting the enthusiasm surrounding oil profits.
The relentless rise in oil prices is due to a number of factors. Saudi Arabia and Russia’s voluntary extension of their output cuts was one significant factor. The joint reduction of 1.3 million bpd by the year’s end caused global crude prices to increase. The continued cuts, supported…