WTI Crude Oil Prices

WTI crude oil prices averaged USD 70.55 per barrel in September, down 8.1% from August. On 30 September, the commodity traded at USD 68.75 per barrel, down 10.6% from 30 August.

In September, WTI fell to its second-lowest level since August 2021—before Russia’s invasion of Ukraine—on a weak Chinese economy and media reports suggesting OPEC+ was likely to hike output next year. However, in the week to 20 September, U.S. inventories retreated to their lowest level in nearly two-and-a-half years. Moreover, recent data showed U.S. crude output fell in July. Finally, the U.S. oil rig count was broadly stable at an historic low in September.