WTI crude oil futures settle at $87.27

<p>After settling for TWO successive days at the same level, the price of WTI crude oil is settling today at $87.27. That's up $1.83 on the day. The high price extended to $89.88. The low price reached $87.20. </p><p>On Wednesday, oil prices initially surged to their highest levels with WTI reaching USD 89.88/bbl. This rise was attributed to the ongoing situation in Israel, strong economic data from China, and positive US inventory reports. </p><p>Chinese data showed a record daily rate of oil refinery throughput in September, driven by increased manufacturing demand and heightened travel during Golden Week. </p><p>However, later in the day, oil prices retraced significantly, reaching lows of USD 87.20/bbl for WTI. President Biden's statement attributing the Gaza hospital attack to an errant rocket from a "terrorist group" added to the market's uncertainty, preventing a more substantial recovery. The US energy inventory data did show substantial draws in crude oil and petroleum products.</p><ul><li>Crude oil saw a draw -4.49M versus expectations of 0.300M</li><li>gasoline saw a draw -2.371M versus expectations of -1.097M</li><li>Distillates saw a draw of -3.185M versus expectations of -1.360M </li></ul>

This article was written by Greg Michalowski at www.forexlive.com.