Commodities
Home›Commodities›Energy›WTI edges higher near $88.50 as Middle East exports re…
WTI edges higher near $88.50 as Middle East exports recover
Analysts cited Middle East crude exports rebounding to a 10-day average of 17.5 million barrels per day, about 98% of pre-war levels, helping ease supply concerns.
WTI edged higher in Asian hours on Wednesday after falling nearly 4.5% the prior day, trading around $88.50 per barrel, according to FXStreet.
The report said crude prices eased as energy flows from the Middle East showed signs of improvement, with the 10-day average of regional crude exports recovering to 17.5 million barrels per day, or 98% of pre-war levels.
FXStreet also pointed to Saudi Arabia resuming crude exports through its East-West pipeline at roughly half capacity, alongside continued shipping through the Strait of Hormuz, while a further US release of emergency reserves helped offset supply concerns.
It added that US crude inventories rose by 1 million barrels last week and noted the benchmark remains on track for a third consecutive monthly gain.
Latest closeWTI crude $91.10 ▲3.2%