Crude oil prices continue to rise in global market

Moscow: Crude oil prices in the global market continued to rise, due to which the prices reached the highest level of the month.

According to the World News Agency, Brent crude oil increased by 29 cents to settle at 94.86 dollars per barrel. US West Texas Intermediate crude increased by 53 cents and settled at 91.00 dollars per barrel. While the price of Arab light crude oil reached 97.50 dollars per barrel.

It is pertinent to note that the price of Brent Futures, used for three-quarters of the world's oil prices, has increased by about 26 percent since Saudi Arabia announced an oil production cut in June.

On the other hand, the two biggest players in the global oil market, Saudi Arabia and Russia, have extended their production cuts until the end of the year, while Chinese refineries have increased production due to strong export margins.

News of OPEC member Libya closing four of its eastern oil export terminals due to a deadly storm also supported oil prices, experts stated.