Crude Oil WTI futures rose more than 1% past $78 today. from speculative buying after the price fell in the first
At 12:48 a.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in November. Trading on the NYMEX was up 85 cents, or 1.10 percent, to $78.28 a barrel.
WTI oil prices fell initially. After news that the United States is aiming to drain oil from reserves to solve the problem of high oil prices.
The Financial Times reported that U.S. Energy Secretary Jennifer Granholm said the U.S. government was considering draining the Strategic Stockpile (SPR) to curb the surge in domestic gasoline prices.
Ms Granholm also stated that The government may impose a ban on crude oil exports to keep the supply of oil sufficient in the United States.
On the Goldman side Sachs predicted that If the U.S. government drains 60 million barrels of SPR, the company could cut its year-end forecast of Brent crude to $87 a barrel. from the previous forecast at $90/barrel
The US Energy Information Administration (EIA) reported that US crude inventories rose by 2.3 million barrels last week. 200,000 barrels more than analysts had expected.
Meanwhile, Russian President Vladimir Putin said Russia would increase the amount of natural gas exports to Europe. can be a factor that puts pressure on energy prices
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