(MENAFN) During the third quarter of this year, global oil prices experienced a substantial surge, increasing by nearly 30 percent when compared to the previous quarter. This surge can be attributed to supply constraints resulting from production cuts agreed upon by OPEC (Organization of the Petroleum Exporting Countries) and its allies, with Russia being a prominent member of this alliance.
In particular, Brent crude, which is a widely used benchmark for global oil prices, saw a minor decrease of nearly 0.1 percent to reach USD95.31 per barrel on Friday. However, when looking at the broader picture, it becomes evident that Brent crude had a robust week, with a 2.2 percent increase. Furthermore, it marked an impressive 9.7 percent monthly gain and an astonishing 27.3 percent surge for the quarter.
On the other hand, November West Texas Intermediate (WTI) crude, another significant indicator of oil prices, saw a one-percentage-point dip, settling at USD90.79 per barrel. Despite this minor setback, it secured a respectable 0.8 percent gain for the week, an 8.6 percent increase for the month, and an extraordinary 28.5 percent surge for the quarter. These substantial price increases are a testament to the impact of production cuts on the global oil market.
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