Brent crude crosses $90-mark for the first time in 2023 as Saudi, Russia extend production cut

Oil traded near nine-month highs as investors digested a decision by OPEC+ leaders Saudi Arabia and Russia to extend supply curbs through the end of the year. The strategy from Riyadh and Moscow aims to drain inventories further and was felt across the entire oil market complex. West Texas Intermediate’s December-December timespread, a favored trade of oil hedge funds, strengthened to the highest since late 2022. The global benchmark, Brent, traded near $90 on Wednesday, having closed at the highest since November a day earlier.