"Supply Concerns Drive Oil Prices to Nine-Month High"

Oil prices reached a nine-month high as concerns grew over tight crude supplies following Saudi Arabia and Russia's announcement to extend production cuts. Brent crude and U.S. West Texas Intermediate (WTI) both reached their highest levels since November 2022. The two benchmarks rose about 2% last week, adding to their gains of over 13% in 2023. Saudi Arabia and Russia agreed to further trim their oil production cuts by one million barrels per day through the end of 2023, coordinating with OPEC+. The Biden administration canceled several oil and gas leases in Alaska, while American consumers experienced high gas prices at the pump.