Crude prices touch 10-month high of USD 94 per barrel

According to analysts, crude oil prices could even touch $100 a barrel in the next few weeks. Crude oil was trading at $82 a barrel (bbl) in January, after falling to $70 a bbl in June.
For reprentational purpose (Photo| IANS)
For reprentational purpose (Photo| IANS)

NEW DELHI:   Crude oil prices in the international market surged to a 10-month high on Friday on account of a production cut announced by Organization of the Petroleum Exporting Countries (OPEC) + countries. 

Brent Crude Future was trading at $94.05 a barrel while WTI Future was trading at $90.55 on Friday (4.47 PM IST).  According to analysts, crude oil prices could even touch $100 a barrel in the next few weeks. 
Crude oil was trading at $82 a barrel (bbl) in January, after falling to $70 a bbl in June, and now stands at a robust $94 a bbl. The rapid price increase from $82 a bbl on August 23 to the current $94 a bbl illustrates the immediacy of the surge. 

This increase in the price came after Saudi Arabia and Russia announced that they would extend the voluntary reduction in crude oil production until the end of the year. Saudi Arabia has extended an oil production cut of one million barrels per day, which began in July.

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