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BAKKEN WIRE
The Midday Take - Energy Market Briefing
Global Markets

Energy Market Briefing

Bakken Wire Staff·🔆Midday Wire·
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Date: Wednesday, October 28, 2026

1. Headlines

Oil prices are rallying sharply today. WTI crude is up 3.48% to $103.38, while Brent crude has gained 2.82% to $112.50, according to midday price data. This move higher coincides with the latest U.S. government inventory report. The U.S. Energy Information Administration (EIA) reported a 1.9 million barrel draw in commercial crude oil inventories for the week ending October 23, bringing stockpiles to 4% below the five-year average for this time of year. The reported draw was closely aligned with the prior day’s estimate from the American Petroleum Institute (API).

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