8/17, 4:55 PM (Source: TeleTrader)
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Oil prices rise, WTI jumps over 2%

Crude oil prices rose on Wednesday, after the Energy Information Administration (EIA) revealed a drop in oil inventories for the week to August 12, which could deepen the concerns about the supply to the markets.

Earlier, OPEC Secretary-General Haitham Al Ghais underscored that the group should not be held responsible for the skyrocketing price of oil, saying that inflation was brought on by underinvestment in the sector.

West Texas Intermediate (WTI) for settlements in September jumped by 2.36%, selling for $88.57 per barrel at 10:33 am ET. At the same time, Brent for deliveries in October increased by 1.84% going to $94.07 per barrel.

Baha Breaking News (BBN) / AB