A recent assessment of oil prices conducted on Thursday, September 28 at 5:00 AM (GMT+1) revealed that Brent crude had surged to $97.24 per barrel, marking its highest point since November 2022.
This substantial price increase was propelled by an upswing in demand and a noticeable reduction in the crude oil supply.
It is worth noting the pivotal role played by Saudi Arabia and Russia in this surge, as they had previously announced oil production cuts scheduled to persist until the end of 2023, with monthly reviews to assess the situation.
As we approach the upcoming meeting of the Organization of Petroleum Exporting Countries (OPEC) on October 4, market analysts anticipate a thorough evaluation of market dynamics and a potential reconsideration of supply levels and prices by the producers.
However, according to a report by Reuters, Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore, underscores that the oil market is rapidly realizing the profound impact of the OPEC+ cuts declared during the summer on the availability of crude.
Is a $100 per Barrel threshold imminent?
Anticipations are running high as analysts project the possibility of crude oil prices surging to and potentially surpassing the $100 per barrel mark.
However, this surge might not be sustained over an extended period.