Brent Crude rises to $94 per barrel, highest in nine months

The global price of Brent crude oil on Friday indicated that it has increased to $94.38 per barrel, the highest in the last nine months.

OilPrice.Com, an international website for checking the price of crude oil, disclosed this on Friday morning.

Similarly, the price of WTI crude had jumped to $90.89 per barrel.

Media Talk Africa recalls that Brent crude oil reached $88 per barrel.

The development comes amid growing concerns over tight supply conditions by oil-producing countries.

Saudi Arabia and Russia had hinted of intention to cut supply which has contributed to the recent upward trajectory in oil prices over the past few weeks.

Major oil producers, Saudi Arabia and Russia, had announced their resolve to defer production cuts till September, and the market responded with a sharp price increase.