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Oil market hit two-month highs on larger-than-expect draw in US inventoriesThis increase followed a report from the Energy Information Administration (EIA) indicating a larger-than-expected drawdown in U.S. crude inventories. |
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On Wednesday, 03 July, international benchmarks for crude oil surged by over 1%, reaching their highest levels in more than two months. This increase followed a report from the Energy Information Administration (EIA) indicating a larger-than-expected drawdown in U.S. crude inventories.
U.S. commercial crude stocks declined by 12.2 million barrels during the week ending 28 June, driven by strong exports, reduced imports, and increased refinery utilization rates.
Brent crude rose by $1.10, or 1.3%, closing at $87.34 per barrel.
West Texas Intermediate (WTI) gained $1.07, or 1.3%, settling at $83.88 per barrel.
Written by: Rochelle Nguyen
