Analysts think inflation could stay at higher levels for longer, after a decision by Saudi Arabia and Russia to extend oil production cuts until the end of this year sent prices soaring.
The two energy giants’ plan to cut a collective 1.3 million barrels of oil per day sent Brent crude oil futures — the international benchmark — to hit their 10-month high above $90 a barrel. US West Texas Intermediate, or WTI, crude oil futures also hit a 10-month high.
Source: Business Insider
