Weekly Crude Oil Review: WTI Futures Break Above $90 Per Barrel

8 Oct 2022 , 01:28 PM

Crude oil futures scaled up impressively last week as markets stayed firm following supply worries. The Organization of Petroleum Exporting Countries and its allies said it will cut production by two million barrels per day in the coming months. The WTI Crude oil futures hit around five week high near $93 per barrel as a rally above $90 per barrel extended. Meanwhile, the US Energy Information Administration reported crude oil inventory draw of 1.4 million barrels to 429.2 million barrels for the week to September 30. The EIA also reported large draws in fuel stocks. Gasoline stocks were estimated to shed 4.7 million barrels in the last week of September, which compared with a draw of 2.4 million barrels for the previous week. Gasoline production averaged 10 million barrels daily last week, which compared with 9.6 million bpd for the previous week.Powered by Commodity Insights