Crude oil prices rose modestly Thursday as traders balanced U.S. inventory data with global supply developments. West Texas Intermediate (WTI) closed at $62.31 per barrel, up approximately 0.9%, while Brent crude gained 0.99% to $66.77 per barrel. The market showed cautious optimism, with investors monitoring supply-demand dynamics across North America and international markets.
In the U.S., crude inventories at the Cushing, Oklahoma hub increased by 3.7 million barrels for the week ending Oct. 3, according to the Energy Information Administration (EIA). This followed a 1.8 million-barrel rise the previous week. While the build suggested additional supply, strong demand for refined products helped prevent significant price declines. Cushing, the delivery hub for WTI futures, remains a key factor in U.S. regional pricing.
