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LONDON, Sept 18 - With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply.
Oil has risen to its highest level of 2023 as investors are focused on the prospect of a supply deficit in the fourth quarter after Saudi Arabia and Russia extended supply cuts. The two are the biggest producers in the OPEC+ group, most other members of which are also curbing output. Brent oil futures, a global benchmark , traded as high as $94.89 on Monday and the related benchmark used for trading much of the world's physical cargoes, called dated Brent , stood just above $96 according to LSEG.
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