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Oil prices climbed to their highest level of 2023 as expectations of tighter supply outweighed worries about weaker demand. Brent rose $1.82 to settle at $93.70, its highest since November 2022.
The move reflects supply expectations tied to OPEC+ production cuts.
Higher crude raises energy and freight costs across the feed supply chain. Tight OPEC+ supply expectations suggest energy costs may stay elevated.
reuters.comArathy SomasekharSep 14, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
