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Oil price exceeds $95 a barrel for the first time in 2023 as supply cuts by Saudi Arabia and Russia fuelled concerns of a shortfall that could harm the global economy. Higher oil prices are posing a challenge to central banks’ ability to bring inflation under control, while rising fuel costs could weigh on economic growth. Riyadh and Moscow announced they were extending their voluntary oil supply cuts, which were originally slated to expire this summer, until the end of the year.

Oil Price Rises to $95 pb following Fears of a Shortfall in Supply

Oil price exceeds $95 a barrel for the first time in 2023 as supply cuts by Saudi Arabia and Russia fuelled concerns of a shortfall that could harm the global economy. Higher oil prices are posing a challenge to central banks’ ability to bring inflation under control, while rising fuel costs could weigh on economic growth. Riyadh and Moscow announced they were extending their voluntary oil supply cuts, which were originally slated to expire this summer, until the end of the year.

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