Oil prices hit 9-month high amid supply concerns
The Biden administration released oil from the Strategic Petroleum Reserve last year to fight gasoline price increases, but the stockpile is greatly drained.
By Madeleine Hubbard
Updated: September 10, 2023 - 7:43am
Oil prices reached a nine-month high amid concerns about tight oil supplies after Russia and Saudi Arabia extended supply cuts.
Brent futures, a global benchmark to measure oil prices, rose to $91.01 a barrel on Friday, according to MarketWatch, and sits at $90.44 a barrel as of Sunday morning.
Prices had already surged last week after Riyadh and Moscow agreed to extend supply cuts beyond October. The U.S. banned Russian oil imports last year, but Russia and Saudi Arabia respectively produced 11% and 12% of the world's oil last year, according to the Energy Department, so any changes in production are likely to affect global oil prices.
Americans are already seeing rising prices at the pump. The current average national price for a gallon of regular gasoline sits at $3.83 as of Sunday morning, according to AAA. That is slightly higher than a week ago when prices were $3.81 a gallon.
more
https://justthenews.com/politics-policy/energy/oil-prices-hit-9-month-high-amid-supply-concerns
