The prices of oil futures erased earlier losses on Thursday, with the West Texas Intermediate (WTI) soaring 3% after Russian President Vladimir Putin promised to make Ukraine pay for striking the country's energy sector.
United States President Donald Trump's recently announced energy ceasefire seemingly fell through as both sides traded attacks. In addition, the latest data from the Energy Information Administration (EIA) and the American Petroleum Institute (API) pointed to declines in oil inventories, raising further concerns on the supply side.
WTI for settlements in November jumped 3.13% at 12:14 pm ET, going for $98.07 per barrel. At the same time, Brent for deliveries in December stood flat, selling at $106.17 per barrel.
https://breakingthenews.net/Article/WTI-surges-3-amid-Putin's-threats/67318482
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