The price of West Texas Intermediate(WTI) crude surged to the highest level since January on Tuesday.

The WTI price for May delivery closed at 80-point-71 dollars per barrel on Tuesday on the New York Mercantile Exchange, up zero-point-36 percent from the previous day to hit the highest level since January 26. Tuesday marked the fourth straight trading day to see such prices go up.

The surge in prices was smaller than the growth in the six-percent range witnessed the previous day, the apparent result of an announcement on Sunday by Saudi Arabia and other oil producers of the Organization of the Petroleum Exporting Countries-Plus that output will be further cut.

Meanwhile, the head of the consultancy FGE, Fereidun Fesharaki, projected that oil prices “can easily rise above 100 dollars a barrel,” adding that forward balances “show a very steep draw in inventories” through the end of 2023.

Market participants are paying close attention to the negative effects that the decrease in oil output and rise in prices will have on the global economy.