Supply cuts by oil-producing countries to keep crude prices elevated. Crude oil prices have gained momentum since July after Saudi Arabia, the world's largest producer of crude oil, slashed supply by an additional one million barrels per day. Crude prices are trading above 85 dollars per barrel in recent weeks.
           
In intra-day trade, Brent crude was trading at 92 dollars and 50 cents per barrel. West Texas Intermediate crude price was at 89 dollars and 33 cents per barrel when reports last came in.