Sign In  |  Register  |  About Walnut Creek Guide  |  Contact Us

Walnut Creek, CA
September 01, 2020 1:43pm
7-Day Forecast | Traffic
  • Search Hotels in Walnut Creek Guide

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Oil nears $94 per barrel

The price of oil is nearing $94 per barrel after the Energy Information Administration reported a larger-than-expected draw on inventories of over 2.1 million jolting the crude market.

The price of oil is nearing the $94 per barrel after U.S. crude inventories fell by 2.2 million barrels last week, according to the Energy Information Administration (EIA).

Total U.S. oil supply ended the week at just 416.3 million barrels, the EIA said. 4% below the 5-tear average. 

WHERE DO THE GOP PRESIDENTIAL CANDIDATES STAND ON ENERGY POLICIES?

The crude shortage comes as members of the Organization of the Petroleum Exporting Countries (OPEC) Russia and Saudi Arabia extend production cuts of just 1.3 million barrels a day to the end of 2023.

Brent and West Texas Intermediate (WTI) crude prices have climbed for the last five days and touched their highest intraday trading levels of 2023 on Wednesday. Both benchmarks are now targeting their biggest quarterly jumps since Russia's invasion of Ukraine in the first quarter of 2022, according to Reuters. 

CHEVRON CEO: OIL WILL BREAK $100 PER BARREL 'SOON'

That year, oil prices shot above $100 for the first time since 2014 amid the conflict as demand recovered from COVID-19 lock downs. 

GAS PRICES DROP SLIGHTLY AFTER THE FED'S INTEREST RATE PAUSE: AAA

A move back above $100 for an extended time would boost revenues for members of OPEC, whose economies rely mostly on oil, while obstructing industrialized economies working to cool inflation and lower interest rates.

Meanwhile, shares of oil producers like Chevron, ExxonMobil and Occidental Petroleum have mirrored the spike in crude prices, even as the S&P 500 slipped. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 WalnutCreekGuide.com & California Media Partners, LLC. All rights reserved.