Oil prices have been on a tear since OPEC+ countries Russia and Saudi Arabia earlier this month extended voluntary supply cuts through the end of 2023 - several months longer than expected. Meanwhile, consumer inflation hit its highest point of the year in August, led by energy prices - and the Energy Information Administration (EIA) predicts that oil demand will continue to outpace supply going forward, which should support higher oil prices for the foreseeable future.
These factors are certainly being reflected in the crude futures market. In today's session, oil prices have once again hit a new year-to-date high, with the WTI crude futures contract for October delivery (CLV23) touching an intraday peak of $92.33, and the more active November contract (CLX23) climbing up to $91.36.
