Success Nwogu 
The price of Brent crude surged to $97.24 per barrel as at 5:00 AM (GMT+1) on Thursday reaching its peak since November 2022. The price increase was caused by an up-swing in demand and a noticeable reduction in the crude oil supply.
Also, the impact of the oil cut by Saudi Arabia and Russia increased the surge, as they had previously announced oil production cuts scheduled to persist until the end of 2023, with monthly reviews to assess the situation.
Market analysts anticipate a thorough evaluation of market dynamics and a potential reconsideration of supply levels and prices by the producers as the Organisation of Petroleum Exporting Countries (OPEC) meets on October 4.
Reuters quoted a Senior Portfolio Manager at 8VantEdge in Singapore, Stefano Grasso, as having emphasised that the oil market is rapidly realizing the profound impact of the OPEC+ cuts declared during the summer on the availability of crude.
