Amid news of US oil inventory reduction, its price has risen to a three-month high – Trading Economics
US oil inventories decreased by 15.4 million barrels
WTI oil futures soared more than 1% – to over $82 per barrel, reaching their highest level in three months after an industry report showed that US oil inventories shrank by 15.4 million barrels last week.
This is reported by Trading Economics.
The latest figure greatly exceeded market expectations for a reduction of 1.37 million barrels and, if confirmed by official data to be published later, it would represent the largest decline in US oil inventories in the last four decades.
Oil prices have also been rising since the end of June, as Saudi Arabia's voluntary production cuts led to a reduction in global supply.
The de-facto OPEC leader is also expected to announce the continuation of the production cut by 1 million barrels per day until September at the group's meeting on Friday. Meanwhile, the Biden administration has withdrawn an offer to purchase 6 million barrels of oil for the US Strategic Petroleum Reserves to counter rising energy prices.
Background. Mind previously reported that oil prices were fluctuating near a 3-month high due to supply issues.
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