Oil closes in on $95 per barrel, hitting $100 in some markets

Oil is now at its highest price this year, with investors banking on tight supply and excess demand in the final quarter of the year.

  • It’s the result of production cut extensions by both Saudi Arabia and Russia, the two largest producers in OPEC+.
  • “Saudi Arabia and Russia are in solid control of the oil market”, according to Swedish bank SEB analyst Bjarne Schieldrop.

CitiGroup cautioned on Monday that while geopolitics could move prices past $100 in the short-term, “$90 prices look unsustainable” and a withdrawal from the rally is expected as supply builds.

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