Oil Breaks Out to Highest Levels Since November, Hits $81.35 per Barrel
Thursday, 14 March 2024, 14:52
Oil Price Surges to $81 per Barrel
WTI crude oil has been flirting with $80 for the past two weeks, but tighter US inventory numbers this week finally pushed it to $81.35, the highest since November. The ongoing global growth and US driving season is fueling market optimism.
US Inventory Numbers and Economic Outlook
- WTI crude up $1.64 to $81.35 driven by stronger global growth and US demand forecasts revision
- China's expected economic recovery in 2024/2025 contributes to growth optimism
- US gasoline inventory draw indicates sustained driving activity despite EV adoption
WTI's close above $80 and steady rise toward $85 target indicates favorable market sentiment and potential for sustained growth.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.