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Crude oil prices continue rising in global market

Brent crude oil rose 77 cents to settle at $97.32 per barrel.

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Crude oil prices continue rising in global market
GNN Media: Representational Photo

Moscow: After a one-day drop in crude oil prices in the global market, there is a trend of increasing again today (Thursday).

According to the foreign news agency, Brent crude oil rose 77 cents to settle at $97.32 per barrel, while US West Texas Intermediate crude rose 32 cents to $94.60 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.

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