PT Solid Gold Berjangka | Oil prices hover near 10-month high on supply concerns
Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China.
The international benchmark Brent futures rose 8 cents, or 0.1%, to $92.14 a barrel by 0054 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 14 cents, or 0.2%, to $88.98 a barrel.
Both benchmarks surged nearly 2% on Tuesday to close at their highest levels since November 2022.
Crude stocks rose by about 1.2 million barrels in the week ended Sept. 8, against analysts estimate of a draw of about 1.9 million barrels. Gasoline inventories rose by about 4.2 million barrels, while distillate inventories rose by about 2.6 million barrels.
Source: Reuters
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