Crude oil stocks at Cushing, Oklahoma, rose by 5.1 million barrels, compared with only 511,000 barrels previously. The increase came as WTI prices traded around $84 to $85 per barrel, down by approximately 2% to 4.5% on the day. The rise in Cushing inventories indicates greater near-term crude availability, which generally puts downward pressure on prices. Market participants assign a maximum probability of 1.5% to WTI reaching $160 in November. Upcoming U.S. Energy Information Administration reports, OPEC decisions and geopolitical developments in the Middle East could alter this trend.
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