U.S. Crude Output Returns to Record as WTI Trades Above $102
Photo: TokenPost
WTI was back above $102 a barrel as oil prices rose Wednesday, while U.S. crude production rebounded to a new record after hurricane-driven shutdowns, putting supply trends and Middle East risks in focus. Yemen’s Houthi militants said Tuesday they targeted the Ras Tanura refinery in Saudi Arabia’s Eastern Province with a ballistic missile. Ras Tanura is the kingdom’s largest oil refinery. U.S. crude inventories declined 1.89 million barrels for a fourth straight week. Stocks at Cushing, Oklahoma, fell 624,000 barrels. The latest weekly decline follows a 3.06 million-barrel crude draw covered earlier by TokenPost .
Source: TokenPost
