Brent Oil Hits $86 On Dwindling U.S. Inventories

Hamilton Nwosa
Writer

Ad

(VIDEO) Osun 2026: Aregbesola’s Allies in Theatrical Display

By Abiola Olawale As the 2026 Osun State governorship election draws closer, political tensions are rising, with former two-term Governor of Osun State, Rauf Aregbesola and his loyalists, under the Omoluabi Progressives banner, intensifying their campaign with a vibrant and theatrical display in Ilesha. The group, now aligned with the African Democratic Congress (ADC), captivated…

Niger Governor, Umar Bago Faces 48-Hour Deadline from SERAP to Reverse Badeggi FM Shutdown

By Hamilton Nwosu The Socio-Economic Rights and Accountability Project (SERAP) has issued a 48-hour ultimatum to Niger State Governor, Umar Bago, demanding the immediate reversal of what it called the “arbitrary and unlawful” closure of Badeggi FM 90.1, a privately owned radio station in Minna. The Governor's directive, SERAP claimed violated constitutional and international human…

How Tinubu Disptached High-Level Delegation to Abidjan to Bolster D’Tigress in AfroBasket Game

By Hamilton Nwosu President Bola Ahmed Tinubu announced his decision to dispatch a high-level delegation to Abidjan, Côte d’Ivoire to support Nigeria’s women’s basketball team, D’Tigress, ahead of their 2025 FIBA Women’s AfroBasket final against Mali on Sunday. The President had said the presence of the delegation at the Palais des Sports de Treichville is…

Ad

…Brent Crude prices hit $86.10 per barrel early on Thursday

…Profit-taking eased the prices on Thursday

…“The reluctance of OPEC+ to pump more in the short term suggests that oil prices will remain well supported for the remainder of this year,” ING noted.

Brent Crude prices hit $86.10 per barrel early on Thursday, jumping to the highest level in three years, before retreating to just above $85 amid profit-taking.

Driven by signs of tighter oil supply and a bullish EIA weekly inventory report on Wednesday, oil prices rose early on Thursday, with the international benchmark, Brent Crude, rallying to $86.10—the highest price since October 2018. The U.S. benchmark, WTI Crude, settled at a fresh seven-year high on Wednesday and was up early on Thursday before pulling back later in the morning.

As of 10:03 a.m. EDT on Thursday, Brent Crude was down 0.83% at $85.08. WTI Crude was trading down 0.74% at $82.75, after briefly trading on Wednesday at $84 a barrel, for the first time since 2014.

Profit-taking eased the prices on Thursday after they had reached, again, multi-year highs.

Sentiment continues to be bullish after the U.S. Energy Information Administration (EIA) reported on Wednesday a surprise crude inventory draw of 400,000 barrels for the week to October 15. At 426.5 million barrels, commercial crude inventories remain below the five-year average for this time of the year.

Gasoline inventories were also down last week by a sizeable 5.4 million barrels. This compared with a draw of 2 million barrels for the previous week.

EIA’s report was constructive, ING strategists Warren Patterson and Wenyu Yao said on Thursday, noting that “While the weekly numbers showed that commercial crude oil inventories declined by just 431Mbbls, total oil and product stocks fell by 9.81MMbbls over the week.”

Moreover, crude oil inventories at the Cushing hub fell by more than 2 million barrels, which leaves them at 31.23 million barrels, the lowest level since 2018, according to ING’s strategists.

“Continued strength in oil prices means that pressure on OPEC+ to pump more will only grow,” they said.

“The reluctance of OPEC+ to pump more in the short term suggests that oil prices will remain well supported for the remainder of this year,” ING noted.

NB: Tsvetana Paraskova wrote this article for Oilprice.com

Ad

X whatsapp