Oil advanced as falling US crude inventories triggered more supply concerns.
International benchmarks for crude oil surged about 3% on Wednesday, 27 September 2023 after the Energy Information Administration (EIA) reported a 2.2 million barrels drop in the US commercial crude
International benchmarks for crude oil surged about 3% on Wednesday, 27 September 2023 after the Energy Information Administration (EIA) reported a 2.2 million barrels drop in the US commercial crude inventories last week, triggering more concerns about the supply outlook.
Industry experts said that although Brent is eyeing the $100/barrel mark, fear of higher-for-longer interest rates in the US dampens investors’ enthusiasm and potentially caps the market's upside.
Brent jumped $2.59 or 2.8% to close at $96.55/barrel.
WTI surged $3.29 or 3.6% to close at $93.68/barrel.