Oil rose to a 10-month high as Saudi Arabia and Russia extended supply cuts

Oil prices rose today, to their highest level since November, and Brent crude rose above $90 a barrel for the first time since November, after Saudi Arabia and Russia extended their voluntary supply cuts until the end of the year.

Both Saudi Arabia and Russia said they would review supply cuts monthly and could adjust them depending on market conditions, and Goldman Sachs said it now sees the probability of a US recession starting in the next 12 months at 15%, down from a previous forecast of 20%.

Brent crude futures rose by $1.04, or 1.2%, to $90.04 a barrel, to close above the $90 level for the first time since November 16, 2022, and US West Texas Intermediate crude futures rose by $1.14, or 1.3%, to $90.04 a barrel.

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