Last Updated: Sep 15, 2023
Crude oil prices surged to new heights and hit a 10-month high today embarking on their third consecutive week of gains. Prices increased as much as three percent in this week alone and the upward trend has translated into a 15 percent boost in oil prices in the month of August and a significant 13 percent year-to-date rise.
The surge came after China cut banks’ cash reserve requirements by 25 basis points to boost its economic recovery and potentially increase oil demand. Another significant driver behind this rally has been the recent strong buying activity from hedge funds over the past two weeks due to tight supply.
In intra-day trade, Brent crude was trading at 94 dollars and 10 cents per barrel. West Texas Intermediate crude price was at 90 dollars and 60 cents per barrel when reports last came in.