COLUMN-Oil prices surge as stocks drain away from Cushing: Kemp ...Middle East

U.S. crude oil prices have surged and the futures strip has moved into a sharp backwardation as inventories have drained away from the NYMEX delivery point at Cushing in Oklahoma. Futures prices for crude delivered in October climbed to $90 per barrel on Sept. 14, up from $68 on June 27, as traders anticipated increasing shortages of unrefined petroleum.

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