Oil Prices Surge to 2023 Highs: Assessing New Support Levels
28 сентября 2023
8 views
Key Points:
- WTI crude futures hit a 2023 high above $94 per barrel.
- A significant drop in US crude inventories and OPEC+ supply cuts drove the price surge.
- Concerns about future price dips and corrective pressures persist.
WTI crude futures soared by 3.5% on Wednesday, reaching their highest settlement price of 2023 at over $94 per barrel. This rally followed a larger-than-expected 2.17 million barrel decline in US crude inventories reported by the EIA. Brent crude futures also saw a notable increase, climbing 2.8% to $96.55.
As winter approaches, market concerns about tightening supplies are heightened. OPEC+ members Saudi Arabia and Russia have extended their 1.3 million barrel per day supply cuts through the end of the year.
The critical question now is whether oil prices will fall below recent lows of $88 per barrel without additional production increases. Observing how the recent high ($92.65) and low ($91.30) levels hold up against potential corrective pressures will be key in determining future price trends.
