Oil prices rise to its highest level in 2023 amid expectations of supply shortages

Oil prices rose, on Thursday evening, to their highest levels since the beginning of the year, as expectations of supply shortages overcame fears related to weak economic growth and high crude inventories in the United States.

Brent crude rose $1.74, or 1.88 percent, to $93.62 by Thursday evening, and reached $93.68 during the session, its highest level since November 2022.

US West Texas Intermediate crude also increased $1.57, or 1.8 percent, to $89.09. It also reached the highest level in ten months at $90.26.

Source: National Iraqi News Agency