Oil prices rallied today hitting new highs for 2023 as Saudi Arabia and Russia extended their voluntary supply cuts through the end of year. Analysts had largely expected the group to continue the cuts for another month through October but through the end up the year was a supply shock to the upside. “This is a clear indication that oil prices trump volume (for Saudi Arabia),” said Jorge Leon, senior vice president at Rystad Energy. “These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide,” Leon added. Front month Brent and WTI contracts are now at their steepest premium to later dated contracts since November. WTI traded up $1.14 or 1.3% to close at $86.69. Brent traded up $1.04 or 1.2% to close at $90.04.