Oil prices climb on crude draw, tight global supply

Tokyo, Sept. 28 (BNA): U.S. oil futures jumped to their highest in more than a year on Thursday as a drop in crude stocks in the United States added to worries over tight global supplies from OPEC+ output cuts.

 

U.S. West Texas Intermediate crude futures (WTI) were up 85 cents at $94.53 a barrel by 0649 GMT, after rising above $95 earlier in the session for the first time since August 2022.

 

Brent crude futures climbed 78 cents, or 0.8%, to $97.33 a barrel after hitting levels not seen since November.

 

U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.

 

 

 

M.I.