Oil prices at 2023 highs as inflation data looms

Oil prices hit new 2023 highs on Tuesday amid a supply crunch resulting from output reductions by Saudi Arabia and Russia.

West Texas Intermediate (CL=F) hovered just below $89 per barrel in midday trading. Brent crude futures (BZ=F) sat above $91 per barrel. The prices represent oil’s loftiest levels since November 2022.

The rally comes as OPEC data shows the industry faces a supply shortfall of 3 million barrels per day next quarter.

Saudi Arabia and Russia recently announced an extension of…