Today, Thursday, oil prices recorded 93.93 dollars per barrel for the futures contracts for the international standard, Brent, and the US West Texas Intermediate crude futures recorded 88.45 dollars per barrel.
Data from the US Department of Energy showed that crude oil stocks in the emergency reserves of the United States fell by 8.4 million barrels over the past week, on September 9, to 434.1 million barrels, the lowest level in about 38 years.
This is the biggest drop in oil stocks in the US Strategic Petroleum Reserve since last May, and it pushes crude stocks to their lowest level since October 1984.
US Treasury Secretary Janet Yellen said that Americans may see an increase in oil prices in the winter when the European Union significantly reduces purchases of Russian crude, adding that the West is considering a proposed cap on the prices of Russian oil exports, with the aim of keeping prices under control.
“It’s a risk, and it’s a risk that we’re working on setting a price cap to try to address this,” Yellen told CNN.
She added that the potential price increase could come because the European Union would “mostly stop buying Russian oil” and impose a ban on services that allow Russia to ship oil by tanker.