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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks seesaw as yields continue climb, oil hits fresh highs: Stock market news todayThe stock gains came in spite of a continued rise in the price of oil and an uptick in Treasury yields
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
US futures waver as oil rally hits pause: Stock market news todayWall Street stocks fought for gains on Thursday, struggling to shake off the downbeat mood hanging over markets despite a pullback in the oil rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Stock futures tick higher after steep selloff: Stock market news todayStocks looked set to take a breather on Wednesday from steep losses fueled by concerns about economic impact of 'higher for longer' rates.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Oil pushes higher as tightening market drives Brent back to US$95Oil rose, aided by signs of a tightening market and as a selloff in global stock markets paused.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Saudis May Ease Oil Cuts Sooner Than Market Thinks, Rapidan SaysSaudi Arabia may be getting closer to declaring its oil-market mission accomplished than traders realize, according to Rapidan Energy Group.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Oil Pushes Higher as Tightening Market Outweighs Risk-Off Tone(Bloomberg) -- Oil rose as a tightening market outweighed gains in the dollar and a broader risk-off tone driven by the outlook for higher interest rates.Most Read from BloombergDimon Warns 7% Fed Rate Still Possible, Times of India SaysRepublican Moderates Turn to Rare Maneuver to Avoid Lengthy Government ShutdownIndians Have Five Days to Deposit $3 Billion in Soon-to-Be-Withdrawn BanknotesTrump Found Liable for Fraud in New York Attorney General’s CaseStocks Sink as Bears Take Charge, Dollar R
Source: YahooFinanceCA - 🏆 47. / 63 Read more »