Price action

  • West Texas Intermediate crude for October delivery fell 45 cents, or 0.5%, to $87.09 a barrel on the New York Mercantile Exchange.
  • The U.S. benchmark's nine-day winning streak is its longest since 2019.
  • November Brent crude, the global benchmark, fell 35 cents, or 0.4%, to $90.25 a barrel on ICE Futures Europe.

Market drivers

  • Crude oil prices rallied after Saudi Arabia announced an extension of a production cut of 1 million barrels a day through the end of the year, with Russia also pledging to extend a supply cut.

  • Analysts at Sevens Report Research stated that the extension of output cuts by Saudi Arabia and Russia is the main supporting element for the renewed oil rally.

  • The Energy Information Administration will release its weekly petroleum inventory report on Thursday morning.

  • Analysts expect the report to show supply declines of 5.6 million barrels for crude and 840,000 barrels for gasoline, while distillate inventories are expected to hold steady for the week.

Gresham House Energy Storage Fund Reports Revenue Decrease in First Half

U.S. Crude Oil and Gasoline Inventories Decline

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