The U.S. economy grew during Q2 2023, blowing past economist expectations and tamping down concerns about a possible recession. Gross domestic product (GDP) grew by a 2.1% compared to Q1 2023. That growth showed a cooling from the 2.6% growth displayed in the quarter before that.
Brent Crude Oil, an internationally recognized benchmark, reached just below $95 per barrel on Wednesday, marking its highest price since October 27 of the previous year. Simultaneously, West Texas Intermediate, mainly used in Puerto Rico, rose to slightly under $93 per barrel, reaching its highest point since last July.
The price increase also comes as crude oil supplies in the U.S. dwindled by 2.2 million barrels to just over 416 million barrels in the week ending September 22, putting inventory levels more than 3% lower than they were at this time last year, according to data from the Energy Information Administration.