West TX up to $97.50 on Cushing Delivery Speculation

U.S. crude oil rose by nearly $1 per barrel on Tuesday, reversing the previous session’s losses, as traders expected data to show oil inventories were beginning to drain in earnest from the benchmark’s delivery point at Cushing, Oklahoma, after the start-up of TransCanada’s Keystone south pipeline.

Gains were capped later in the afternoon as traders took some profit. The double whammy of poor factory data in China and the United State, the world’s two largest oil consumers, continued to weigh on the market.

U.S. crude was up 76 cents to settle at $97.19, bouncing after their largest daily percentage loss in nearly a month on Monday as they tumbled with U.S. equities. The contract traded at a session high of $97.71 earlier in the day. March Brent crude was mired near two week lows under $106 a barrel, in a third straight session of losses.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.