oil prices: Morgan Stanley ups Brent forecasts on Saudi-Russia cuts, says $100/bbl 'stretched'
On Tuesday, oil prices reached their highest in 10 months, prompted by extended production cuts from Saudi Arabia and Russia.
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On Tuesday, oil prices reached their highest in 10 months, prompted by extended production cuts from Saudi Arabia and Russia.
Traders would keenly watch the meeting of US Federal Reserve’s Federal Open Market Committee scheduled this week.
Brent and WTI have climbed for three consecutive weeks to touch their highest since November and are on track for their biggest quarterly increases since Russia's invasion of Ukraine in the first quarter of 2022.
Saudi Arabia has the West by the throat. It's determined to drive the oil price beyond $100 a barrel, and we'll all pay a higher price as the cost-of-living crisis drags on as a result.
Brent crude futures rose by 17 cents, or 0.2%, to $90.21 a barrel at 00:08 GMT. It crossed the $90 mark for the first time since November on Tuesday in the sixth straight day of gains.