WTI oil price surges more than 1%, breaking through $91, worries about tight oil supplies.

InfoQuest – WTI crude oil futures rose more than 1%, breaking through the 91 level amid concerns about tight oil conditions.

At 7:42 p.m. Thai time, the West Texas Crude Oil Contract (WTI) will be delivered in October. which was traded on the NYMEX market, added $0.93 or 1.02% to $91.70/barrel.

WTI oil prices have risen for 3 weeks in a row, reaching the highest level since November 2022. and is likely to record the highest quarterly increase since Russia sent troops to attack Ukraine in the first quarter of 2022.

Analysts predict that oil prices will soon surpass $100/barrel.

“If OPEC+ continues to reduce production until the end of this year, Meanwhile, Asia has a large demand for oil. We believe Brent crude prices will surpass $100/barrel before 2024,” the Bank of America report said.

Christian Malek, chief energy analyst at JPMorgan, said he believes oil prices will trade in the $80-$100 range in the short term and $80 in the long term.

The International Energy Agency (IEA) warned that oil supply cuts by Saudi Arabia and Russia This will cause the market to experience an oil shortage in the 4th quarter.

Saudi Arabia announces extension of voluntary oil production cut of 1 million barrels/day until the end of this year. Meanwhile, Russia has extended its oil export cut to 300,000 barrels/day until the end of this year as well.

Oil prices also received support after China revealed higher-than-expected industrial output and retail sales in August.

In addition, the market received positive factors from the European Central Bank (ECB) signaling an end to interest rate increases. While it is expected that the Federal Reserve (Fed) will maintain interest rates at this week’s meeting.

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