Singapore, Sept. 27 (BNA): Oil prices rose by more than $1 a barrel on Wednesday as markets focused on supply tightness heading into winter and a “soft landing” for the U.S. economy.
Brent crude futures were up 74 cents, or 0.8%, to $94.70 a barrel by 0645 GMT, after rising as much as $1.03. U.S. West Texas Intermediate crude futures climbed 83 cents, or 0.9%, to $91.22 after gaining as much as $1.11, Reuters reported.
Industry data released on Tuesday showed U.S. crude oil stockpiles rose last week by about 1.6 million barrels, against analysts’ expectations for a drop of about 300,000 barrels.
However, markets continued to worry about U.S. crude stockpiles at the key Cushing, Oklahoma, storage hub falling below minimum operating levels.
Further drawdowns at Cushing, the delivery point for U.S. crude futures, could also provide new upward pressure on oil markets as it would compound supply tightness stemming from supply cuts by OPEC+.
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