A key global oil price zoomed past $90 a barrel for the first time in 2023 — and analysts say it could keep inflation high

Wed, 09/06/2023 - 04:00

wellhead oil pump — A key global oil price zoomed past $90 a barrel for the first time in 2023 — and analysts say it could keep inflation high.
Jeff W. Jarrett/Shutterstock

Saudi Arabia and Russia said they will extend oil supply cuts of 1.3 million barrels a day through December 2023.
The Tuesday announcements sent prices of benchmark oil futures shooting to their 10-month highs.
Analysts think inflation could stay at higher levels for longer due to the higher oil prices.

Analysts think inflation could stay at higher levels for longer, after a decision by Saudi Arabia and Russia to extend oil production cuts until the end of this year sent prices soaring.