WTI Crude up around 1% as focus shifts to inventories

WTI crude oil futures continue to rebound further after hitting a near four-month low last week. Oil prices reportedly drifted higher after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to a smaller-than-expected hike in its crude production levels. The counter currently trades at $62.34 per barrel, up 1% on the day as focus shifts to the release of weekly EIA inventories data. The American Petroleum Institute (API) data showed yesterday that the US crude oil inventories increased by 2.780 million barrels in the week ending October 3. The figures come after three consecutive weeks of draws. Global equities are mixed today and broad trajectory is supportive for oil after prices fell nearly 7% in last week.

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