Brent Climbs Above $70 Once More As It attempts To Recover Significant Losses
- Author2
- Sep 12, 2024
- 1 min read
Oil prices increased on Wednesday as the market attempted to recover from recent losses, following the release of U.S. inventory data.
The Energy Information Administration (EIA) reported a 0.8 million barrel rise in U.S. crude stockpiles last week, slightly below analysts' expectations of a 0.9 million barrel increase.
Gasoline inventories grew by 2.3 million barrels, reaching 221.6 million barrels, while distillate stocks also increased by 2.3 million barrels to a total of 125 million barrels.
Supply concerns are mounting as a hurricane in the Gulf of Mexico has forced the shutdown of 24% of crude oil production and 26% of natural gas output.
In trading, Brent crude futures for November climbed more than 2%, or $1.42, to $70.61 a barrel.
Meanwhile, U.S. crude futures for October delivery rose by 2.35%, settling at $67.10 a barrel.