Oil pushes higher as tightening market drives brent toward US$95

Oil rose, aided by signs of a tightening market and improved sentiment in equity markets.

Brent futures, the global benchmark, climbed toward US$95 a barrel. The premium for near-term barrels of U.S. benchmark West Texas Intermediate is at the highest level in more than a year, indicating a deficit. Official data due later Wednesday may confirm another draw in crude inventories at an important U.S. storage site.

U.S. futures are set for their biggest quarterly jump since early 2022 as OPEC forecasts a shortfall of as much as 3 million barrels a day from October on the back of supply cuts by Saudi Arabia and Russia.