Brent crude rose above $93 a barrel for the first time this year, despite concerns about sluggish economic growth and increased U.S. inventories.

The International Energy Agency warned that Saudi Arabia and Russia’s oil supply curbs could create a market deficit into the fourth quarter.

A gloomy U.S. inventories report briefly lowered prices, while Brent crude rose 1.58% to $93.33 and WTI rose 1.56% to $89.90.

The European Central Bank hiked its benchmark interest rate to a record high, but may be its last move to curb inflation.