Oil prices closed higher Monday evening, supported by expectations of a supply shortage due to Saudi Arabia extending its production cuts, Russia reducing its exports until the end of this year, and limited supplies of shale oil, which overshadowed concerns about demand.
Standard Brent crude futures rose 50 cents upon settlement and reached $94.43 per barrel after jumping to $94.45. US West Texas Intermediate crude futures also rose 71 cents to $91.48.
The two crude oil prices continued to rise for the third week in a row, touching their highest levels since last November, and are heading towards achieving their largest quarterly rise since the start of the war in Ukraine in February 2022.
The US Energy Information Administration expected, in a monthly report, that US oil production from the largest shale oil producing regions would decline for the third month in a row next October to its lowest level since last May.