A renewed effort by Saudi Arabia and Russia to push the price of oil towards $100 a barrel threatens to become another headache for President Joe Biden as he puts his record on the US economy — and thwarting inflation — at the centre of his re-election bid.
Brent crude this week breached $90 a barrel for the first time in 2023 after Riyadh and Moscow extended supply cuts to the end of the year, despite oil having already rallied 25 per cent since June as global demand hits a record high.
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