The extension of supply cuts by Russia and Saudi Arabia, along with a short-term dip in U.S. shale production, sent oil prices rising to new 2023 highs earlier this week. Additionally, Russia's decision to ban gasoline and diesel exports has further tightened global supplies, providing another boost to crude futures on Thursday. Against this backdrop, experts remain of the opinion that the tight supply conditions will persist till the year-end, and perhaps into the next year as well.
Taking all this into account - along with signs of economic stabilization in China - oil prices could remain at elevated levels for the foreseeable future. After surging 16% in the past month alone, crude futures for November delivery (CLX23) are trading mixed today, just below the $90 level.
