According to experts, the cost of crude oil might go up to $100 per barrel in the next few weeks. In January, crude oil was priced at $82 per barrel, and it dropped to $70 per barrel in June. But recently, it reached a 10-month high due to a decision by the Organization of the Petroleum Exporting Countries (OPEC) and other countries.
On Friday, Brent Crude Future was being traded at $94.05 per barrel, and WTI Future was at $90.55 per barrel (4.47 PM IST). Some analysts believe that crude oil prices could even reach $100 per barrel soon.
The price of crude oil has been rising quickly, going from $82 per barrel on August 23 to the current $94 per barrel. This increase happened because Saudi Arabia and Russia decided to continue reducing their crude oil production until the end of the year. Saudi Arabia, in particular, is cutting down its daily oil production by one million barrels, a measure that started in July.