Oil prices jump 2% on supply worries after large U.S. stock drawdown
© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photofutures jumped $1.62, or 1.8%, to $91.49 a barrel at 0148, with markets also braced for Chinese GDP numbers. West Texas Intermediate crude futures were up $1.77, or 2%, at $88.43 a barrel.
U.S. President Joe Biden is set to visit Israel on Wednesday to show support for the country in its war with Palestinian Islamic Jihad militant group Hamas. The White House said he will make clear he does not want the conflict to expand. Meanwhile, U.S. retail sales increased more than expected in September, spurring expectations of another interest rate hike by the Federal Reserve by year-end. Interest rate hikes to curb inflation can slow economic growth and reduce oil demand.
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