Brent nears 11-month high as oil prices edge up

28/09/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices rose today, Sept. 28, amid supply concerns after latest data on US inventories showed a decline in stockpiles.

 

International benchmark Brent crude was trading up 0.86% at $97.38 a barrel, at 09:58 am Makkah, approaching the highest level since November.

 

West Texas Intermediate (WTI) crude rose 1% to $94.65 a barrel. The US benchmark edged close to $95 earlier in the session.

 

Latest data from the Energy Information Administration showed that oil inventories in the US declined by 2.2 million barrels last week, compared to expectations of a decline of 320,000 barrels.

 

Oil stocks in Cushing warehouses in Oklahoma City fell by 934,000 barrels to 22 million barrels during the fourth week of September, recording their lowest levels since July. The decline came as a result of increased demand for refining and export, sparking market concerns about higher demand amid lower supply.

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