Crude Oil Jumps To Highest Levels Since November 2022

(RTTNews) - Extending the strong upward move seen during Tuesday's session, the price of crude oil moved sharply higher during trading on Wednesday.

Crude for September delivery surged $1.48 or 1.8 percent to $84.40 a barrel after jumping $0.98 or 1.2 percent to $82.92 a barrel in the previous session.

The price of crude oil reached its highest levels since November 2022 as output cuts by Saudi Arabia and Russia continued to raise concerns about supply.

The advance also came following the release of a report from the Energy Information Administration showing decreases in gasoline and distillate fuel inventories.

The report said gasoline inventories slid by 2.7 million barrels in the week ended August 4th, while distillate fuel inventories fell by 1.7 million.

Meanwhile, traders shrugged off an increase in crude oil inventories, which climbed by 5.9 million barrels compared to economist estimates for a 0.6 million barrel uptick.