Commodities
Home›Commodities›Energy›WTI rises near $88.55 as US inventories fall unexpecte…
WTI rises near $88.55 as US inventories fall unexpectedly
US crude oil inventories fell 3.186 million barrels for the week ending October 2, against a 1.9 million barrel build expected by consensus, while Middle East supply risks and Houthi attacks kept traders focused.
WTI, the US crude benchmark, was trading around $88.55 during early Asian trading on Thursday, rising modestly after US crude oil inventories fell unexpectedly last week, according to FXStreet.
The Energy Information Administration said US crude stockpiles for the week ending October 2 declined by 3.186 million barrels, compared with a 922,000 barrel increase the prior week, while market consensus had called for a 1.9 million barrel rise.
FXStreet reports that traders will also watch fresh Houthi attacks in Saudi Arabia and ongoing oil flows from the Middle East, with renewed strikes adding upside support for crude prices.
The International Energy Agency, meanwhile, agreed to accelerate a release of strategic oil stocks, a move that could limit further gains, and it has already deployed about 325 million barrels under a March emergency action plan tied to the Iran war supply disruption.
Latest closeWTI crude $89.70 ▼1.6%