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9/9, 1:00 PM (Source: TeleTrader)
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WTI up 2% after drilling ban in 3 US federal states

The prices of crude increased on Wednesday after United States President Donald Trump signed a 10-year ban on oil drilling in Florida, Georgia and North Carolina citing environment protection as the reason for the move.

However, the global economy is still struggling to return to the pre-crisis levels due to the coronavirus pandemic. Crude oil remains among the resources most impacted by the crisis, as the prices plunged almost 40% since the start of the year.

West Texas Intermediate (WTI) for October delivery rose 1.88% to trade for $37.46 per barrel 6:59 am ET, while Brent for settlement in November concurrently advanced 1.21% to sell for $40.25 a barrel.

Breaking the News / ND