Oil rebounded from five-month lows on large drawn down in US crude inventories
This increase was attributed to a larger-than-expected weekly withdrawal from US crude storage and concerns about the security of Middle East oil supplies following a tanker attack in the Red Sea.
Oil prices rose more than 1% on Wednesday, 13 December 2023 from a five-month low in the previous session. This increase was attributed to a larger-than-expected weekly withdrawal from US crude storage and concerns about the security of Middle East oil supplies following a tanker attack in the Red Sea.
Crude prices held onto their gains as traders responded to the US Federal Reserve's statement, confirming the anticipated stability in interest rates and signalling the initiation of lowering borrowing costs in 2024.
Brent futures rose $1.02/barrel or 1.4%, to settle at $74.26/barrel.
WTI crude rose 86 cents/barrel or 1.3% to settle at $69.47/barrel.