Oil prices inched higher on Wednesday after surging above $90 a barrel for the first time this year as Russia and Saudi Arabia confirmed they would extend production and export cuts until the end of the 2023.
Brent crude, the international benchmark, gained 0.2 per cent to trade at $90.21 a barrel, while US equivalent West Texas Intermediate rose by the same margin to $86.91.
Saudi Arabia said on Tuesday it would keep its 1mn barrels a day reduction in place until the end of the year, while Russian deputy prime minister Alexander Novak said the country’s 300,000 b/d export reduction, unveiled in recent months, would stay in place over the same period.
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