Weekly Crude Oil Review: WTI futures gain around 10% this month
Mumbai, Oct. 17 -- WTI oil futures climbed toward $95 per barrel as escalating hostilities between Saudi Arabia and Iran-backed Houthi rebels heightened concerns over Middle East supply disruptions. The rally followed earlier losses after US President Donald Trump announced plans to buy Russian oil, raising expectations of increased Russian diesel exports. Oil market also eyed improved flows through Saudi Arabia's East-West Pipeline. However, prices surged as Iran escalated attacks in the Strait of Hormuz and WTI Crude ended the week up by around 8%. Meanwhile, Crude oil inventories in the United States saw a decrease of 8.6 million barrels during the week ending October 9, according to new data from the US Energy Information Administration...
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