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Oil shoots over 3% as low US crude stock adds to supply concerns, Brent over $96/bbl; what lies ahead?
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₹7,801 per bbl, having swung between ₹7,568 and ₹7,822 per bbl during the session so far, against a previous close of ₹7,543 per barrel. US crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, according to US government data.
Crude stocks at the key Cushing, Oklahoma, storage hub and the delivery point for US crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, according to Reuters. Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about the quality of the remaining oil at the hub and the potential to fall below minimum operating levels.
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