HOUSTON, Sept 27 - Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded 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. Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.
The tight supply was reflected in time spreads with front month Brent futures trading at a $2.28 premium over the second month, its highest since October, while on WTI futures, the front month traded at a $2.43 premium to the second month, the highest since July 2022."The market is overbought and a correction is definitely needed," said Dennis Kissler, senior vice president of trading at BOK Financial.
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