Oil prices rose to their highest levels since the start of the year on Thursday, as expectations of supply shortages overcame concerns related to weak economic growth and rising crude inventories in the United States.
Brent crude rose $1.74, or 1.88%, to $93.62. During the session, it reached $93.68, its highest level since November 2022.
U.S. West Texas Intermediate crude gained $1.57, or 1.8%, to $89.09. It also hit a 10-month high of $90.26.
The International Energy Agency said on Wednesday that an extension by Saudi Arabia and Russia of oil production cuts until the end of 2023 would mean the market would see significant shortages in the fourth quarter of this year. Prices fell
slightly after the U.S. inventory data before rising again.
The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday also stuck to its forecast for strong growth in global oil demand in 2023 and 2024.
U.S. crude inventories rose 4 million barrels last week, missing analysts' expectations in a Reuters poll of a 1.9 million decline. Fuel inventories also rose more than expected as refineries boosted production.