USA emergency oil inventories lowest level since 1984! NEW YORK, Sept 12 (Reuters) - Oil prices settled higher on Monday, shaking off weaker demand expectations as supply concerns mount heading into the winter.
Brent crude futures settled up $1.16, or 1.3%, at $94.00 a barrel. U.S. West Texas Intermediate crude settled up 99 cents, or 1.1%, at $87.78.
U.S. emergency oil stocks fell 8.4 million barrels to 434.1 million barrels in the week ended Sept. 9, its lowest level since October 1984, according to data released on Monday by the U.S. Department of Energy (DOE).
U.S. President Joe Biden in March set a plan to release 1 million barrels per day over six months from the Strategic Petroleum Reserve to tackle high U.S. fuel prices, which have contributed to soaring inflation.
The Biden administration is weighing the need for further SPR releases after the current program ends in October, Energy Secretary Jennifer Granholm told Reuters last week.
Global oil supply is expected to tighten further when a European Union embargo on Russian oil takes effect on Dec. 5.