WTI Crude Rallies on U.S. Inventory Draw and Geopolitical Risks
Key Facts
November WTI crude oil futures rose sharply through the week, driven by EIA inventory data showing a large draw. Oilprice.com reported that U.S. crude inventories fell by 8.6 million barrels in the week ended October 9, 2026, providing a fundamental catalyst for WTI to outperform Brent.
Markets were also influenced by tanker attacks near the Strait of Hormuz and renewed strikes on Russian refineries, which reignited supply concerns. According to EIA data, commercial crude inventories stood at 415.6 million barrels following the draw, while distillate stocks fell by 2.5 million barrels, remaining 12% below the five-year average.
Latest Updates · 2
- Notable·
Update: WTI crude prices held near $96 per barrel during the European session on Friday, October 16, 2026. Prices maintained their recent gains as risk premiums persisted due to ongoing geopolitical tensions in global markets.
- Notable·
Update: WTI crude oil prices held above the $95.50 level on October 16, 2026. The commodity remains trading near a nearly four-week high following the recent rally.