WTI peeks over $92 as EIA warns of US production slowdown

US shale production to decline more than expected.Intermediary crude oil barrels briefly peeked over the $93.00/bbl level in Tuesday trading. Oil is trading steadily higher as supply constraint worries send investors scurrying, sending the price of crude barrels soaring.The Energy Information Agency is warning that US shale production is set to decline further in October. The EIA’s Drilling Productivity Report has shale slated to produce 9.

The global oil supply chain is expected to see a 2 million bpd deficit heading into the first quarter of 2024. With such a sharp deficit, global oil reserves are expected to dwindle away to nothing unless additional crude production projects are fired up and capacity is restored.has closed in the green for ten of the past twelve straight weeks, and is knocking ten-month highs as crude gets pushed higher. US oil briefly saw the north side of $92/bbl, beore settling back to sub-$91.50/bbl.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WTI surges to $90.40, near 10-month high, Fed rate decision eyedWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $90.20 mark so far on Monday. WTI prices trade close to a 10-month
Source: FXStreetNews - 🏆 14. / 72 Read more »

WTI extends its upside below $91.00 amid a tight supply outlookWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $90.90 mark so far on Tuesday. WTI prices gain momentum due to a t
Source: FXStreetNews - 🏆 14. / 72 Read more »

WTI extends gains above $91.00 due to OPEC+ supply cutsWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading higher around $91.20 during the European session on Tuesday. WTI prices are c
Source: FXStreetNews - 🏆 14. / 72 Read more »