Crude Oil Price Update, 31 August 2023: Oil Rises on fall in inventory

Crude oil relief rally as banking concerns ease

On Monday, the price of crude oil increased in early trading as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend heightened geopolitical tensions in Europe. Brent crude futures rose by 0.4%, or 33 cents, to $75.32 a barrel at 0040 …