Key Points
HOUSTON (Reuters) -Oil prices surged 3% on Wednesday, after U.S. crude stocks fell more than expected, adding to worries of tight global supplies...
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll...
Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed...
Prices fell last week but were rallying again as markets worried about tight supplies heading into winter, following production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+...
The market is overbought and a correction is definitely needed, said Dennis Kissler, senior vice president of trading at BOK Financial.. Potentially adding to supply tightness, Russian President Vladimir Putin ordered his government to ensure retail fuel prices stabilise after a jump caused by an increase in exports...
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