The price of crude oil is hovering near an 11-week high as slowing exports from Russia, production cuts by OPEC+, and falling U.S. inventories lead to a tighter energy market.
West Texas Intermediate (WTI) crude oil, the U.S. standard, is currently trading at $81.50 U.S. per barrel, its highest level since January of this year.
Brent crude oil, the international benchmark, is trading at $85.67 U.S. a barrel, its highest level in nearly three months.
The rise in oil prices comes as Russian shipments of crude have fallen below three million barrels per day for the first time in eight weeks.
In the U.S., crude stockpiles at the national storage hub in Oklahoma fell by 1.4 million barrels last week following a sixth consecutive drawdown, according to the American Petroleum Institute.
Crude oil prices have now rebounded from a 15-month low seen in March after the Organization of Petroleum Exporting Countries and its allies (OPEC+) announced an output cut.
As recently as March of this year, crude oil prices had fallen below $70 U.S. a barrel. But they have reversed higher since the latest OPEC+ cut was announced.
