WTI Crude Rises Amid Canadian Wildfires
Solid ECN—WTI crude futures climbed to $79 per barrel on Wednesday, helping to recover some losses from the previous day. The rise was mainly due to wildfires in Canada threatening the country's oil sands industry, which produces 3.3 million barrels daily.
Oil Prices Boosted by US Inventory Drop
Oil prices were also supported by US industry data showing a drop in crude inventories by 3.104 million barrels last week. This decline was more significant than the expected 1.35 million barrel draw. The US EIA will release official data later today.
OPEC Exceeds Limits but Remains Optimistic
Despite an OPEC+ report revealing members exceeded production limits by 568,000 barrels per day last month, OPEC remains positive about future demand. They project global oil demand to rise by 2.25 million barrels per day in 2024 and 1.85 million in 2025.