West Texas Intermediate topped $US93 a barrel after inventories at Cushing, Oklahoma, dropped just below 22 million barrels, close to operational minimums.
Oil jumped to a fresh one-year high as crude stockpiles in the largest US storage hub dropped to the lowest since July 2022.
At 11.58am in New York, US oil was up 3.5 per cent to $US93.51 a barrel. Brent crude was 2.8 per cent higher to $US96.55. While oil’s rally has rekindled talk of $US100-crude, the gains have slowed over the past week. Key consumer India has noted the negative effects of higher prices on its economy, which raises some questions about the demand outlook into next year.
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