By : Franyi Sarmiento, Ph.D., Inspenet, September 30, 2022
Oil prices surged this week, with Brent up more than 3% and WTI up nearly 4% shortly after the Energy Information Administration (EIA) reported surprise slowdowns in oil inventory US crude oil and natural gas stocks
Also contributing to rising oil prices, the US dollar gave up some of its recent gains and about 11% of production was shut down in the Gulf of Mexico as Hurricane Ian made its way toward the Florida coast.
At 1:45 p.m. EST on Wednesday, Brent crude oil was trading at $88.92 a barrel, up $2.65 (+3.07%) on the day, while WTI crude was trading at $81.57, up of $3.07 (+3.91%) on the day.
Wednesday’s oil gains trimmed significant losses last week, when prices fell to their lowest levels since January on the back of global central bank interest rate hikes and recession fears.
This material from petrobanca.com was edited for clarity, style and length.
Photo: ShutterStock
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