Oil hit 2023’s all-time highs on tight supply outlook.

International benchmarks for crude oil extended the firming trend on Thursday, 14 September 2023, hitting the highest levels this year as concerns over supply tightness outweighed the global economic slowdown. Fuelling the rally was news that China’s central bank would cut the amount of cash reserve requirement for commercial banks to boost liquidity in the market. In addition, the FED is likely to keep interest rates stable at the coming meeting while the EU Central Bank signalled the tightening cycle has peaked.

Brent rose $1.82 or 1.98% to close at $93.70/barrel.

WTI jumped $1.64 or 1.85% to settle at $90.16/barrel.

This is the first time since November 2022 that WTI closed above the $90/barrel threshold.