WTI crude oil settling back after jumping over $90.50

Crude oil gained nearly $2/bbl for the day as supply constraints keep barrel prices pinned.

OPEC+ producers continue their intentional production drawdown, and market analysts expect crude prices to bleed upwards into the $100/bbl range in the coming months.Saudi Arabia and Russia's 1.3 million barrel per day combined supply cuts have been extended through the end of the year, exacerbating what analysts foresee as a 2 million bpd shortfall in global oil supplies.

With oil barrel prices getting squeezed at the origin point, oil refiners will be scrambling to capture as much of the constrained market as possible, adding further upside pressure. Refinery profit margins are at their highest point in years, and facilities will be looking to increase their supply as much as possible as barrel prices move higher.crude barrels caught a bounce from the near-term low of $88.25, retaking the 200-hour Simple Moving Average near $89.30.

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 US crude oil slips below $90, taking a breather after hawkish FedWest Texas Intermediary (WTI) has rallied recently, closing in the green for ten of the past twelve consecutive trading weeks and notching in over a 3
Source: FXStreetNews - 🏆 14. / 72 Read more »

WTI holds below $90.00, retracing from 10-month highs amid profit-takingWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around $89.45 so far on Wednesday. WTI prices lose momentum after hitting the
Source: FXStreetNews - 🏆 14. / 72 Read more »

WTI US crude oil drops to $88.80, near a weekly low amid the Fed's hawkish remarksWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around $88.80 so far on Thursday. WTI prices face some follow-through selling
Source: FXStreetNews - 🏆 14. / 72 Read more »