Prices spiked because oil giants Saudi Arabia and Russia said they plan to extend the production cuts of 1.3 million barrels a day through December.
But Saudi Arabia and Russia's keeping their oil supply cuts for longer means "they have no interest in what central banks are worried about," Naeem Aslam, the chief investment officer of Zaye Capital Markets, wrote in a Tuesday note seen by Insider.
As it is, world oil demand is "scaling record highs" due to strong summer air travel and power generation, according to the International Energy Agency in its While the IEA expects global oil demand to hit 102.2 million barrels a day this year, supply has already fallen to 100.9 million barrels a day in July — indicating a shortfall.concerns about major importer China's economic gloom.Brent futures were flat at $90.04 a barrel at 12.16 a.m. ET on Wednesday after surging over 1.4% on Tuesday. US WTI futures were up 0.02% at $86.51 a barrel.
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