Oil futures continued to climb Thursday for a third-straight day as Brent crude shattered a nearly three-year record and West Texas Intermediate hit a two-month high.
A barrel of ICE Future Europe for November Brent crude jumped to $77.25, adding $1.06 or 1.4%.
WTI for November delivery climbed $1.07, or 1.5%, to $73.30 a barrel on the New York Mercantile Exchange Wednesday afternoon. Not since 30 July has a front-month contract been higher.
Oil companies’ stocks reflected the record highs in after-hour trading Thursday.
ExxonMobil’s value increased 3.41% to $57.09, BP climbed 2% to $26.16 and Royal Dutch Shell rose to $42.27 or 2.50%.
Chevron was at $100.10, up 2.52%, Conoco Phillips increased by 2.30% to $63.67, and Phillips 66 was at $68.60, up 2.37.
The high prices comes on the heels of the US Energy Information Administration data showing that not since 2018 have US crude inventories been so low while refinery demands remain strong. Offshore crude production is still hindered as industry recovery efforts after Hurricane Ida continue.
US commercial crude oil inventories decreased by 3.5 million barrels from last week to 414.0 million barrels, 8% below the five-year average for this time of year, marking the seventh-straight week of decline, according to the report.
Meanwhile, the Bureau of Safety and Environmental Enforcement reported that 16% of Gulf of Mexico oil production is still offline.