Brent crude oil reaches over $88 per barrel, highest in eight months

Brent crude oil traded at an increased price of over $88 per barrel, the highest in the last eight months.

The Trading Economics report on Saturday noted a substantial 4.8 per cent increase in Brent crude prices over the week.

The development comes amid tightening and expectations that OPEC+ leaders would sustain production output cuts through the rest of the year.

Meanwhile, the West Texas Intermediate (WTI) experienced a notable rise of 7.2% during the same week, marking its most substantial weekly gain since March 2023.

Oil and gas experts believe the price movements are symptomatic of a changing oil market, underlining the substantial fluctuations and influences impacting Brent crude and WTI prices.

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