Oil Prices Surge on US Inventory Drop

Benzinga
Benzinga
  • 9 months ago
Oil prices rose due to a significant decrease in US crude inventories and concerns about a hurricane in the Gulf of Mexico. The rally was also supported by a weaker US dollar and softer job data. US crude stocks fell by 11.5 million barrels, indicating strong demand. Refining sources predict Saudi Arabia will raise its official selling prices for crude oil sold to Asia in October. The recent military seizure of power in Gabon could impact crude supplies. Concerns over fuel demand and the mixed economic situation in China are limiting oil's gains.

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