Oil jumped more than 2% as a large draw in US inventories offset concerns over rate hikes
While the 9.6 million barrels drop in US crude inventories fueled bullish expectations among investors, many remain cautious over further interest rate hikes ahead.
International benchmarks for crude oil jumped more than 2% on Wednesday, 28 June 2023 as the surprisingly large draw in US commercial crude inventories eased concerns over the slowing economic growth as a result of the rising key interest rates.
Brent rose $.177 or 2.5% to close at $74.03/barrel.
WTI added $1.86 or 2.8% to close at $69.56/barrel.
While the 9.6 million barrels drop in US crude inventories fueled bullish expectations among investors, many remain cautious over further interest rate hikes ahead.