Prices of oil futures rose on Tuesday, with Brent hitting its highest price point since November 2022. The market move came after the global oil benchmark last weekbroke a 10-month-high of $89 per barrel on prospects of cuts from Saudi Arabia and Russia.
In light of a recent International Energy Agency assessment that fossil fuel demand would peak before 2030, the Organization of Petroleum Exporting Countries (OPEC) pointed out last week that "it is an extremely risky and impractical narrative to dismiss fossil fuels" and that such policy could result in "energy chaos on a potentially unprecedented scale."
At 6:06 am CET, West Texas Intermediate (WTI) for September settlement was up by 1.06%, going for $92.47 per barrel, while Brent for deliveries in the same month added 0.65% to settle at $95.04 per barrel.
