Oil prices increased on Monday, with Brent oil rising by 0.3% or 25 cents to reach $92.45 per barrel after a 90-cent decrease at the end of the previous week. West Texas Intermediate (WTI) also saw a slight increase of 29 cents, reaching $91.08 per barrel.
During the third quarter, both types of oil benchmarks rose by nearly 30%, driven by expectations of reduced oil supply in the fourth quarter. This expectation is based on the decision of Saudi Arabia and Russia to cut oil supplies by the end of the year.
Official sources indicate that the Organization of the Petroleum Exporting Countries, Russia, and OPEC+ are unlikely to change their oil production policy.
By Mariam Gorkhelashvili
