Analysts of the Bank of America's global research unit predicted that the continuation of OPEC+ supply reduction until the end of the year and positive demand in Asia could raise the price of Brent oil to above $100 per barrel before 2024.

On Thursday, the price of Brent oil increased by 36 cents, equal to 0.4%, to 92 dollars and 24 cents per barrel. The price of West Texas Intermediate (WTI) increased by 35 cents, equal to 0.4%, to 88 dollars and 87 cents per barrel.

Last week, the price of Brent oil crossed the $90 mark for the first time this year, in response to Saudi Arabia and Russia's decision to extend an additional supply cut of 1.3 million barrels per day until the end of 2023.

Bank of America analysts wrote in a note: “Asia is leading the growth in global energy demand, and China has continued to increase its petroleum reserves to maintain its dependence on imports.”

Saudi Arabia and Russia, the largest producers of the OPEC+ group, announced that they will extend the voluntary reduction of petroleum production until the end of 2023.

The International Energy Agency (IEA) announced in its latest monthly report that the petroleum production cuts extended by Saudi Arabia and Russia until the end of 2023 will mean a significant shortage of supply in the market in the fourth quarter.