Decline in oil stocks, US sanctions and hurricane all work to boost oil prices

Three factors are sending the oil price up.

Photo: Nabil al-Jurani/AP/Polfoto/Arkiv

Prices on both Brent and WTI oil are skyrocketing, helped along by declining US oil stocks and US sanctions on Iranian oil exports which take effect in November.

US oil stocks fell by 8.6 million barrels last week to 395.9 million, according to figures from private industry group American Petroleum Institute published Tuesday, reports Reuters. The US energy ministry, EIA, will release official numbers for US oil stocks Wednesday.

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