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Crude Oil Rallies on Surprise Supply Drawdown, Hurricane Ian
Crude oil futures joined the rally in the broader financial markets in the middle of the trading week, driven by a surprise drawdown in domestic inventories, a weaker greenback, and Hurricane Ian. Can oil prices sustain the momentum in overnight trading? October West Texas Intermediate (WTI) crude futures surged $3.81, or 4.65%, to $82.15 per barrel on Wednesday on the New York Mercantile Exchange. US crude prices have been recording steady gains in recent sessions. In overnight trading, WTI futures have traded relatively flat. Brent, the international benchmark for oil prices, also soared midweek. December Brent ... (full story)