Oil closes higher; Brent nears $94

Oil drilling rigs

Oil prices reversed their downward momentum to close positive today, Sept. 26, after touching their lowest levels in two weeks during the session. Investors continue to evaluate Russia’s changes to fuel export restrictions amid production cuts extension until the end of the year.

The US Energy Information Administration (EIA) said that curbing crude oil supplies by the OPEC+ has led to a reduction in the global supply of medium-sour and heavy-sour grades of crude oil.

Data collected by Bloomberg showed that.

Meanwhile, Russian oil exports declined by about 100,000 barrels to three million barrels during the week ended Sept. 24—following maintenance work at Primorsk oil terminal—with the less volatile four-week average flow dropping by a similar amount, tanker-tracking data compiled by Bloomberg showed.

American shale oil company Continental Resources said it expects oil to reach $150 per barrel if the US did not strengthen its efforts to encourage new exploration.

The American Petroleum Institute's report on US oil inventories is expected to be issued later today, and the EIA is scheduled to issue official data on inventories on Sept. 27. According to extimates, inventories in the US will see a decrease of 1.7 million barrels for the week ended Sept. 22.

In terms of trading, Brent crude for November delivery closed up 0.7%, or 67 cents, at $93.96 per barrel.

WTI crude for November delivery rose by 0.8%, or 71 cents, to record $90.39 per barrel, after falling to $88.19 during the session.