Crude oil prices continue to rise in global market

Moscow: Crude oil prices have continued to rise in the global market leading to highest level this year.

According to the foreign news agency, Brent crude oil increased by 32 cents to settle at $93.59 per barrel, while US West Texas Intermediate crude increased by 24 cents to $90.27 per barrel.

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

Saudi Arabia and Russia, both major players in the global market, have extended their output cuts until the end of the year, with Chinese refiners boosting output due to stronger export margins.