Oil prices hit their highest levels in 2023 last week following an announcement by Saudi Arabia and Russia that they would deepen their previously announced oil production cuts.
rose to their highest level of the year last week as concerns mounted about tight crude supplies after Saudi Arabia and Russia announced the extension of production cuts.
Both benchmarks were up about 2% last week after significant gains the week before of about 5% for Brent and roughly 7% for WTI. In 2023, the two benchmarks are up over 13%.
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