Oil rises to its highest level in 2023

Oil prices rose today to record their highest level in 2023 amid expectations of tight supplies, and the International Energy Agency said that Saudi Arabia and Russia’s extension of oil production cuts will lead to a deficit in the market during the fourth quarter, and prices fell briefly due to the downward US inventory report before resuming Its rise.

The Chinese Central Bank said that it will reduce the amount of cash that banks must hold as reserves for the second time this year to enhance liquidity and support the economic recovery in the country. China is the second largest oil consumer in the world and its economic recovery has remained volatile, which has raised concerns in the markets about demand.

Brent crude futures rose by $1.82, or 1.98%, to $93.70, after recording $93.89, the highest level since November 2022. US West Texas Intermediate crude futures rose by $1.64, or 1.85%, to $90.16, closing above $90. For the first time since November.

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