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Oil Prices Climb Due to Robust Crude Demand And A Weaker Currency

Skylar Williams

Oct 27, 2022 14:09

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Oil prices continued to rise in early Asian trade on Thursday, propelled by record U.S. crude exports and a weakening U.S. dollar.


Brent oil futures climbed 25 cents, or 0.3%, to $95.94 per barrel at 00:15 GMT. West Texas Intermediate (WTI) oil prices increased by 0.2%, or 19 cents, to $88.10.


According to weekly official numbers issued on Wednesday, U.S. oil inventories grew by 2.6 million barrels last week, while crude exports hit a new high of 5.1 million barrels per day.


Before Wednesday's trade, the WTI-Brent difference was above $8 per barrel.


The dollar's decline was also beneficial, since the dollar's previous appreciation had been a substantial factor constraining oil market gains. Oil purchased in dollars becomes more affordable for holders of foreign currencies when the currency weakens.


According to a Bloomberg news report, the United States and the European Union are likely to compromise for a less strictly enforced limit at a larger cost than was initially planned, with only the Group of Seven (G7) and Australia ready to adhere to it.


Europe is expected to block Russian oil imports and restrict Russian shippers' access to the global shipping insurance market the following month.

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