WTI Crude Spikes Almost 5% On Fears Of Tight Supply ...Middle East

Crude oil prices were on the rise early on Friday morning on continuing fears that the oil markets remain tight with the G7 agreeing on a fixed price capping mechanism on Russian crude. WTI rose nearly 5% by 10:30 a.m., as the Strategic Petroleum Reserve releases have neared their end. Throughout the SPR release period, which spanned from April to now releasing about 180 million barrels, commercial crude oil inventories rose between 20 and 30 million barrels. With the SPR releases now in the rearview, the market is fearing a substantial decrease…

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