Brent crude oil price rallied to $97.5 on Thursday, as the crude storage hub in Cushing, Oklahoma, United States, fell by 943,000 barrels to 22 million barrels within one week.
According to the Managing Director of TD Securities, Bart Melek, the hike in Brent oil price was driven by the decline in crude stocks in Cushing.Read more
“Today’s price action seems to be Cushing driven, as it reaches a 22 million bbl low, the lowest level since July 2022,” Melek told CNBC.
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