Trading data on the London Stock Exchange showed that the price of the futures contract for Brent crude for November delivery exceeded $94 per barrel, for the first time since November 16, 2022.
According to stock exchange data, the price of Brent crude rose by 2.05% to reach $94.08 per barrel.
Brent was trading at $93.99 (1.95%). Meanwhile, West Texas Intermediate (WTI) crude futures for October delivery rose 1.78%, reaching $90.52 per barrel.
Russia and Saudi Arabia recently announced the extension of the voluntary reduction in daily oil production and exports until the end of this year 2023.
Oil prices rose on Tuesday following production cuts decision, and Brent reached its highest level since November 18, 2022, after Russia and Saudi Arabia announced decisions to support oil markets.