Brent oil prices rise to $97.3 per barrel

Oil prices continued to rise on September 28 after a sharp jump the day before on data on a decrease in US inventories, including a drop in reserves at the Cushing terminal to critically low levels, Report informs referring to Interfax.

November futures for Brent oil rose in price on the London ICE exchange by $0.75 (0.78%) to $97.3 per barrel.

November futures for WTI rose in price on the New York Mercantile Exchange NYMEX by $0.91 (0.97%) to $94.59 per barrel. The jump in WTI prices on September 27 was the biggest since May.

US oil inventories fell 2.2 million barrels last week to 416.3 million barrels, the lowest since December 2, 2022, and are 4% below the five-year average.

Reserves at the Cushing terminal, where NYMEX-traded oil is stored, fell by more than 900,000 barrels, to the lowest level since July 2022 - 22 million barrels.