Oil Prices Surge: Cushing's Low Stocks and OPEC's Impact
Update: 2025-10-08
Description
Oil prices surged as Cushing, Oklahoma, the main US delivery hub, reported alarmingly low crude oil stocks. West Texas Intermediate jumped nearly 1.5% to $62.62, and Brent crude followed, hitting $66.38. Despite OPEC Plus planning modest output increases, concerns about oversupply are fading, with some members struggling to meet quotas. Short-covering added to the upward pressure, though worries persist about a potential glut from rising OPEC Plus and US production. The market remains on edge, balancing tight storage against future supply concerns, setting the stage for continued price volatility.
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