Oil market rallied on lower US crude inventories, Russia's gas cuts

International benchmarks for crude oil gained more than $2/barrel on Wednesday, 27 July 2022 following reports of 4.5 million barrels drop in US commercial crude inventories and lower Russian gas flow to the EU. All of which offset the concerns over the 0.75% hike in key interest rate from the FED.

Brent jumped $2.22 or 2.1% to close at $106.62/barrel.

WTI added $2.28 or 2.4% to settle at $97.26/barrel.