Brent crude gains 2%, closes above $70

Oil closed higher today, Sept. 11, after data showed an increase in commercial oil inventories in the US by 800,000 barrels in the week ended Sept. 6—below expectations for a rise by 900,000 barrel. 

Brent crude futures for November delivery rose more than 2%, or $1.42, to close at $70.61 a barrel. 

 
WTI crude oil futures for October delivery rose by 2.35%, or $1.56, to $67.31 per barrel. 

Data from the US Energy Information Administration revealed that crude stocks at the Cushing delivery center—the largest storage center in the US—decreased by 1.7 million barrels last week to 24.7 million barrels, the lowest level since early November 2023. 

Meanwhile, fears of supply disruptions resurfaced due to Hurricane Francine, which disrupted about 24% of crude oil production and 26% of natural gas production in the US Gulf of Mexico.