West Texas Intermediary (WTI) crude oil barrels briefly peeked over the $93.00/bbl level in Tuesday trading. Oil is trading steadily higher as supply
US shale production to decline more than expected.Intermediary crude oil barrels briefly peeked over the $93.00/bbl level in Tuesday trading. Oil is trading steadily higher as supply constraint worries send investors scurrying, sending the price of crude barrels soaring.The Energy Information Agency is warning that US shale production is set to decline further in October. The EIA’s Drilling Productivity Report has shale slated to produce 9.
The global oil supply chain is expected to see a 2 million bpd deficit heading into the first quarter of 2024. With such a sharp deficit, global oil reserves are expected to dwindle away to nothing unless additional crude production projects are fired up and capacity is restored.has closed in the green for ten of the past twelve straight weeks, and is knocking ten-month highs as crude gets pushed higher. US oil briefly saw the north side of $92/bbl, beore settling back to sub-$91.50/bbl.
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