U.S. crude oil futures

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U.S. crude oil futures extended their three-month-long rally, bringing them to their highest level of the year.

Futures for November delivery settled at $93.68 a barrel, up 3.6% from yesterday's close and more than 30% since June. The jump extended a run-up in prices that began in early July, after production cuts made by OPEC and its allies reduced global oil supplies to a level below demand.

U.S. crude settled at its highest level since August 2022, according to Dow Jones Market Data. Brent crude, its global counterpart, finished at $96.55, its highest close Oil up since November.

Prices popped about 1.5% after the Energy Information Administration reported that U.S. crude inventories fell by more than expected last week, to their lowest level of the year. The move added to gains in earlier trading that were fueled in part by an American Petroleum Institute survey showing crude oil inventories in Cushing, Okla. declining to a 14-month low.

Cushing is the delivery location for the settlement of U.S. crude futures contracts. Futures on Brent crude oil, the international benchmark, are also trading higher, but are lagging those on U.S. crude.

U.S. oil prices are up about 17% since the start of the year.


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