Oil Extends Rally as OPEC Signals Supply Crunch

The video discusses the impact of Saudi Arabia and Russia's decision to extend oil production cuts to the end of the year, leading to a significant rally in oil prices. OPEC data suggests a potential supply deficit, while the International Energy Agency had previously forecasted a smaller deficit. The video also covers market reactions, with Brent crude reaching $92 a barrel and skepticism from financial institutions about oil reaching $100. The rally is attributed to reduced supply and rising demand as winter approaches.

What factors are contributing to the rising demand for oil as we approach the winter heating season?

What are the predictions of major banks regarding oil prices reaching $100?