Global crude oil news

27 Oct 2022 , 03:32 PM

Following a session-high increase of more than 3%, oil prices continued to surge in early Asian trade on Thursday, supported by record U.S. crude exports and a declining U.S. dollar.

Brent crude futures were up 25 cents, or 0.3%, to $95.94 per barrel. WTI crude for the United States gained 19 cents, or 0.2%, to $88.10.

According to weekly government data released on Wednesday, U.S. oil stocks increased by 2.6 million barrels last week, and crude exports reached a record-high 5.1 million barrels per day.

The greenback's recent strength has been a significant element impeding the growth of the oil market, therefore the dollar's depreciation provided additional support. Crude priced in US dollars becomes more affordable for holders of other currencies.

Prices also increased in response to a Bloomberg News report that claimed only the Group of Seven (G7) countries and Australia were committed to adhering to the cap, and that the United States and the European Union are likely to settle for a more laxly enforced cap at a higher cost than originally anticipated.

Russia's oil imports are expected to be prohibited by Europe next month, along with Russian ships' access to the international shipping insurance market.

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