WTI Hits Fresh Eight-Month High

The West Texas Intermediate (WTI) crude futures rose during Thursday’s trade to their highest level in about eight months, since early March.

WTI is up by 3.84% or $1.75, trading at $47.27 a barrel.

A recent agreement between members of the OPEC+ alliance to raise output by much less than previously expected is providing support for crude prices.

The US benchmark crude futures declined on Wednesday after the EIA weekly report showed a surprise build up in oil stockpiles.