Oil prices marked fresh settlement highs for the year on Tuesday with expectations that output cuts by major producers will lead to a global crude supply shortfall in the fourth quarter. Analysis by the Organization of the Petroleum Exporting Countries shows that if the group of producers maintains its August production level of 27.45 million barrels a day through the end of the year, the global oil market will be over 3 million barrels a day in deficit in the fourth quarter, Herman Wang, chief OPEC correspondent for S&P Global Commodity Insights said on X Tuesday. October West Texas Intermediate crude
CLV23,
rose $1.55, or 1.8%, to settle at $88.84 a barrel on the New York Mercantile Exchange. That’s the highest front-month contract finish since Nov. 11, according to Dow Jones Market Data.
