Crude oil prices remain well-bid as supply constraint fears bolster barrel costs.West Texas Intermediary UShave reclaimed the $90/bbl handle in Tuesday's trading window after hitting a two-week low early in the day of $87.74.
Cushing reserves have reversed rapidly; the facility hit a two-year reserve high in June of 43 million barrels and is now sitting just below 23 million barrels, its lowest stock supply since last July. Despite ongoing supply constraints on the heels of Saudi Arabia and Russia's 1.3 million bpd production cut extensions through the end of the year, upside pressure on oil prices could see a ceiling sooner than many analysts expect.
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Source: MarketWatch - 🏆 3. / 97 Read more »