August 7, 2023 9:09 PM

Oil prices surge to highest levels since mid-April after Saudi Arabia and Russia pledge to extend supply cuts

Oil prices on Monday (07 August 2023) surged to their highest levels since mid-April, after top producers Saudi Arabia and Russia pledged to extend supply cuts through September, further tightening supplies. In intra-day trade, Brent crude was trading at 85 dollars and 34 cents per barrel. West Texas Intermediate crude price was at 81 dollars and 92 cents per barrel when reports last came in. Several factors have underpinned prices in recent weeks including expectations of U.S. interest r...