Supply Chain Tensions Causes Crude Prices To Hover Higher 

um editor

UM Editor

September 27, 2023 at 11:39 am

How Supply Chain Tensions Impact Crude Oil Prices in October 2023

The American Petroleum Institute’s weekly statistical report shows that U.S. crude oil inventories increased by 1.586 million barrels in the week ending September 22, 2023, after a decrease of 5.25 million barrels in the previous week.

WTI crude futures rebounded to $90.7 a barrel, hovering at their highest level since November. The prospect of tight supplies helped markets shake off worries about rising interest rates and their impact on the economy.

The $90 pivot point is psychologically important and reinforces the belief that the market is poised for further upside.

Additionally, crude oil tends to perform well in inflationary environments as investors seek refuge in tangible assets rather than currencies. 

(United States API Crude Oil Stock Change) 

(WTI crude Daily chart) 

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