In the past several weeks, Brent oil prices have risen by more than 8%. And they’re set to rise further as Saudi Arabia and Russia extend oil export cuts. 

Earlier this week Saudi Arabia and Russia extended voluntary oil supply cuts to year end, with the Saudi cutting by 1 million barrels per day and Russia cutting 300,000 bpd. These were on top of the April cut agreed by several OPEC+ producers running to the end of 2024.

Some traders speculate crude to rally towards the $100 rally. But is that too optimistic? 

On Money in the Market, Hongbin Jeong speaks to Kurt Barrow, Refining & LPG/NGLs Lead of Oil Markets at S&P Global Commodity Insights, to find out more. 

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