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U.S. crude futures rose nearly $1 to above $95, the highest since August 2022, after U.S. crude stocks fell 2.2 million barrels, far more than the 320,000-barrel drop analysts expected. Cushing stocks dropped to about 22 million barrels.
Brent climbed to levels not seen since November.
The large inventory draw signals tighter-than-expected supply and reinforces the OPEC+ cut effect on prices. Higher crude costs raise diesel and energy costs for feed production and transport.
timesofindia.indiatimes.comReutersSep 28, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
