Singapore September 28 2023: On Thursday, U.S. oil prices surged by nearly $1 per barrel, reaching their highest level in over a year. This increase was primarily driven by a significant decrease in crude oil inventories within the United States, intensifying concerns about limited global oil supplies due to production cuts led by Saudi Arabia and the OPEC+ alliance.
Leading the charge in this oil price rally were U.S. West Texas Intermediate crude futures (WTI), which surpassed the $95 mark for the first time since August of the previous year. WTI was trading at $94.60 per barrel, reflecting a gain of 92 cents or a 1% increase as of 0145 GMT.
Similarly, Brent crude futures also witnessed an upward trend, rising by 77 cents or 0.8% to reach $97.32 per barrel, a level not seen since November.
