Oil prices climbed above $95 a barrel for the first time in 2023 on Tuesday, as supply cuts by Saudi Arabia and Russia fuelled concerns of a shortfall that could harm the global economy.
Brent crude, the international benchmark, rose as high as $95.33 a barrel and appears on course to challenge $100 a barrel this month, with the rally in prices since June now approaching 30 per cent.
Saudi Arabia and Russia’s decision to reduce supplies despite rising prices has raised tensions with developed economies, with the International Energy Agency warning last week they were “locking world oil markets into substantial deficit”.
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