Oil rises 30% in 3 months on Saudi Arabia, Russia output cuts; Brent stares at $100-mark

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closer to $100 a barrel, many investors took profits on the rally given ongoing macroeconomic concerns. Crude prices going above $100 per barrel mark brings inflationary pressures on global economy and will compel central banks to raise interest rates all over again. Front-month Brent November futures settled down 7 cents to $95.31 per barrel at the contract's expiry, up about 2.2 per cent in the week and 27 per cent between July-September.

The more liquid Brent December contract was settled down 90 cents to $92.20 per barrel. US West Texas Intermediate crude (WTI) settled down 92 cents to $90.97, up 1 per cent in the week and 29 per cent in the quarter, according to news agency Reuters. Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a October 19 expiry, settled 1.05 per cent lower at ₹7,543 per bbl, having swung between ₹7,523 and ₹7,736 per bbl during the session so far, against a previous close of ₹7,623 per barrel.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! -Earlier this month, oil producers Saudi Arabia and Russia extended their voluntary oil output cuts of a combined 1.3 million barrels per day (bpd) to the end of the year which resulted in a sharp surge in international crude prices - reaching almost one-year high peak. The supply cuts announced by Saudi Arabia and Russia are expected to dominate oil prices for the remainder of this year.