West Texas Intermediary (WTI) Crude Oil prices build on this week's goodish rebound from the vicinity of mid-$88.00s and scale higher for the third su
WTI Crude Oil prices scale higher for the third straight day and rise to over a one-year high.Hopes for an economic recovery in China remain supportive of the ongoing positive move.build on this week's goodish rebound from the vicinity of mid-$88.00s and scale higher for the third successive day on Wednesday. The momentum lifts the commodity closer to the $94.
According to the data published by the US Energy Information Administration on Wednesday, US crude oil inventories for the week ended September 22 decreased more-than-expected, by 2.169 million barrels from the previous week. This marks the second straight week of a drawdown and comes on top of deep supply cuts from the world's two largest Oil producers – Russia and Saudi Arabia.
Apart from this, some optimism over an economic recovery in China acts as a tailwind for the black liquid and contributes to the ongoing positive momentum. Furthermore, fuel demand in China – the world’s largest Oil importer – is also expected to pick up during the week-long Autumn festival holiday, starting on Friday.
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