The price of WTI oil rose above $95 per barrel – Kommersant
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The price of American WTI oil rose above $95 per barrel for the first time in more than a year. How it conveys Bloombergoil is rising amid falling inventories in the United States.
As of 9:03 Moscow time, WTI oil was trading at $94.35 per barrel (+0.72%) on the New York Mercantile Exchange NYMEX. The price of Brent rose 0.9% to $97.38 per barrel on the London ICE exchange.
On Wednesday, the price of WTI rose 3.6% ($3.29), which was the biggest increase since early May. Brent price increased by 2.8% ($2.59).
As Bloomberg notes, inventories at the Cushing terminal, where NYMEX-traded oil is stored, fell below 22 million barrels, to the lowest level since July 2022. According to the agency, inventories fell more than expected, and this shows how much the market is shrinking with a reduction in supplies from Russia and Saudi Arabia. Since the end of June, the price of WTI has risen by about a third.
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