U.S. Crude Oil Hits Highs of the Year

U.S. crude oil futures extended their three-moth-long rally, bringing them to their highest level of the year. Futures for November delivery settled at $93.68 a barrel, up 3.6% from yesterday’s close and more than 30% since June. The jump extended a run-up in prices that began in early July, after production cuts made by OPEC and its allies reduced global oil supplies to a level below demand.

U.S. crude settled at its highest level since August 2022, according to Dow Jones Market Data. Brent crude, its global counterpart, finished at $96.55, its highest close since November. Oil prices are up about 17% since the start of the year.

This article is very well written. It is clear and to the point. This is important for people to know because everyone will be affected by the increased price of oil.

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