Oil prices are expected to reach 100 dollars before the end of the year

Oil prices rose to their highest level of the year this week, continuing their rise, which strongly highlighted the possibility of returning to the level of 100 dollars per barrel before the end of this year, according to some analysts ‘ forecasts.

Oil contracts have risen sharply over the month so far, achieving the third weekly gain in a row, with Brent and West Texas settled at their highest levels for the year on Thursday. And this is amid growing expectations of shrinking supplies.

Saudi Arabia, the largest OPEC producer, said on September 5 that it would extend its production cut by one million barrels per day until the end of the year, with Russia, a non-OPEC member, pledging to reduce oil exports by 300 thousand barrels per day until the end of the year. They said they would review their voluntary reductions on a monthly basis.
Analysts at Bank of America noted that they now believe that oil prices may soon rise above 100 dollars.