WTI Crude Tops $103 and Brent Settles at $116.72 After…
By Abdelaziz Fathi
AI summary of the source article
WTI crude settled at $103.27 and Brent reached $116.72 amid escalating attacks on Saudi Arabia and geopolitical tensions. Concurrently, the US Department of Energy announced an emergency exchange of up to 400,000 barrels from the Strategic Petroleum Reserve.
Why it matters
The text states that "Higher WTI prices matter directly for American consumers because crude is a major input cost for gasoline and diesel production."
Key facts
- WTI crude settled up 3.8% at $103.27 a barrel, while Brent crude rose 3.14% to $116.72.
- The US Department of Energy announced an emergency exchange of up to 400,000 barrels from the Strategic Petroleum Reserve to support Phillips 66's Lake Charles refinery.
- US commercial crude inventories fell by 3.06 million barrels to 412.5 million barrels in the week ending October 16.
Source excerpt · FinanceFeeds
WTI crude oil closed above $103 a barrel on Friday, October 23, as escalating attacks on Saudi Arabia and fears of renewed US strikes against Iran pushed energy prices higher ahead of next week's Federal Reserve meeting. US West Texas Intermediate futures settled at $103.27, gaining $3.80, or 3.8%, while Brent crude closed at $116.72, up $3.55, or 3.14%. Reuters described Brent's settlement as its…