Oil Rises To Two-Month High As Inventories Fall

Posted by Tsvetana Paraskova, oilprice.com

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Oil prices rose on Thursday to their highest levels since late July after U.S. crude stocks dropped to their lowest in three years and the broader market received more clarity about the Fed’s next policy moves.

As of 10:52 a.m. EDT on Thursday, WTI Crude traded above $73 a barrel, up by 1.19% at $73.15—its highest price since the end of July. Brent Crude prices were above $76 per barrel, having risen by 0.91% on the day at $76.88.

After the Fed signaled on Wednesday that it could begin tapering asset purchases as soon as November and potentially start raising interest rates as soon as next year, oil market participants turned their focus to global oil inventories, especially those in the United States.

Rising U.S. equity markets, with the S&P 500 opening higher on Thursday, and a weakening U.S. dollar also supported oil prices…read more.