# Saudi oil minister deflects blame for rising prices | Reuters

> Oil inventories have fallen in seven of the last ten weeks, down 32 million barrels since late June. Brent front-month averaged above $91 in September, up from $75 in June, and the six-month spread moved into a $4.50 backwardation.

- Date: 2023-09-19 · published 2023-09-19T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/34276-saudi-oil-minister-deflects-blame-for-rising-prices-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Falling inventories and steep backwardation point to tight crude supply, supporting higher energy costs for feed production, transport and fertilizer. Persistent tightness keeps energy-linked feed input prices under upward pressure.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/saudi-oil-minister-deflects-blame-rising-prices-kemp-2023-09-19/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.