The oil prices rose by more than one dollar on Tuesday 19th September 2023, in the fourth consecutive session of gains, against a backdrop marked by the fact that weak shale oil production in the United States is exacerbating concerns about supply due to prolonged production cuts by Saudi Arabia and Russia.
Brent futures prices, a benchmark for Angolan sales, rose by 1.24 dollars or 1.31 percent, to 95.67 dollars per barrel at 2:08 PM in Angola, while West Texas Intermediate (WTI) futures rose by 1.92 dollars or 2.1 percent, to 93.40 dollars.
Price increases have been observed over three consecutive weeks, with both benchmark values reaching their highest level since last year.
“This oil price recovery doesn’t seem to want to stop,” said OANDA analyst Edward Moya.
Adding to these concerns, U.S. oil production in major shale-producing regions is set to fall to 9.393 million barrels per day (bpd) in October, the lowest level since May 2023, according to the U.S. Energy Information Administration, on Monday. This would be the third consecutive monthly drop.
These estimates come after Saudi Arabia and Russia, as part of the OPEC+ group of producers, extended combined supply cuts of 1.3
