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Oil Prices Rise but Record Monthly Losses

M. Ali 1 October, 2020 1:39 am Commodities, Market Update

Oil prices ended Wednesday higher after data showed an unexpected decline in crude inventories in the United States.

Brent crude futures for December delivery rose by 74 cents, or 1.8%, to finish at $42.30 per barrel.

The global benchmark crude oil posted a 9.6% monthly decline, which is the first since April. This has led to a 0.5% decline during the third quarter (Q3) of 2020.

Meanwhile, the US West Texas Intermediate (WTI) crude futures for November delivery added 93 cents, or 2.4%, and closed at $40.22 per barrel, falling 5.6% in September and rising by 2.4% in Q3 of 2020.

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