Oil hits 2023 highs
Oil rebounded on Thursday, with Brent crude topping $93 a barrel for the first time this year, as expectations of a tighter supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising US inventories.
Saudi Arabia and Russia's extension of oil output cuts will result in a market deficit through the fourth quarter, the International Energy Agency said on Wednesday before a bearish US inventories report prompted a brief pullback in prices.
"That this genuinely bearish stock report only led to a brief temptation to sell speaks volumes and underlines the market mentality," said Tamas Varga of oil broker PVM.
Brent crude was up $1.45, or 1.58 percent, at $93.33 by 1336 GMT after touching $93.38 for its highest since November 2022. US West Texas Intermediate crude (WTI) gained $1.38, or 1.56 percent, to $89.90, having also hit a 10-month high of $90.06 during the session.
Both benchmarks had slipped on Wednesday after a US supply report showing rising crude and refined product stocks.
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