West Texas Intermediate

Oil Touches $95 With Shrinking Inventories Fanning Fresh Rally

Oil Touches $95 With Shrinking Inventories Fanning Fresh Rally

The US oil benchmark briefly surged to $95 a barrel as dwindling stockpiles at a key storage hub fanned fears about falling crude supplies globally. West Texas Intermediate touched the highest level since August last year, before paring gains to trade little changed. Oil’s latest leg higher was led by a decline in inventories at Cushing, Oklahoma, the delivery point for US futures. With supplies there flirting with minimum operational levels, key prices gauges are surging amid fears of scarcity, a move that is rippling across the world. The nearest timespreads for WTI and global benchmark Brent are in extreme…
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