08 Sep, 23

Oil Markets Tighten On Constant Inventory Draws

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While Saudi Arabia’s pledge to extend production cuts and Russia’s pledge to extend export cuts may have made headlines, it is the continued inventory draws in the U.S. that are tightening markets.Friday, September 8th, 2023Whilst market sentiment was capped by weaker-than-expected macroeconomic data from China earlier this week, the fourth consecutive crude inventory draw in the United States combined with another week-on-week drop in gasoline stocks provided firm support for ICE Brent to stay around $90 per barrel. The extension of Saudi and…

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