Weekly Crude Oil Review: WTI futures gain around 10% this month

WTI oil futures climbed toward $95 per barrel as escalating hostilities between Saudi Arabia and Iran-backed Houthi rebels heightened concerns over Middle East supply disruptions. The rally followed earlier losses after US President Donald Trump announced plans to buy Russian oil, raising expectations of increased Russian diesel exports. Oil market also eyed improved flows through Saudi Arabia?s East-West Pipeline. However, prices surged as Iran escalated attacks in the Strait of Hormuz and WTI Crude ended the week up by around 8%. Meanwhile, Crude oil inventories in the United States saw a decrease of 8.6 million barrels during the week ending October 9, according to new data from the US Energy Information Administration (EIA) released on Thursday. The decrease brings commercial stockpiles to 415.6 million barrels, according to government data, which is now 3% above the five-year average for this time of year. While this appears to reflect a steady picture on supplies, oil is managing to hold on as a volatile global backdrop is keeping prices up this month with WTI futures adding nearly 10% so far.

Powered by Commodity Insights