Saudi Crude Boost Sends Oil Prices Above $100
Oil prices continued to hover above $100 per barrel on Thursday, September 17, after reports emerged that Saudi Arabia was poised to supply additional crude to Asian refineries.
The development helped ease concerns over a potential energy supply shortage and reduced pressure on global markets. West Texas Intermediate (WTI) crude for October delivery fell by 52 cents to close at $101.91 per barrel, while Brent crude for November delivery dropped by $1.01 to settle at $104.82 per barrel.
The decline in oil prices also had a positive impact on the US stock market, with the Dow Jones Industrial Average rising by 316.14 points, or 0.61%, to close at 51,778.04. The S&P 500 and Nasdaq Composite also saw gains of 85.95 points, or 1.14%, and 439.87 points, or 1.69%, respectively.
The news came as the Federal Reserve's policy-setting committee raised its interest rate for the first time since July 2023, signaling a commitment to bringing inflation back to its 2% target more quickly.