Crude Oil Prices on the Rise

Following a report from the American Petroleum Institute (API) indicating a significant 4.5 million barrel drop in US inventories, crude oil prices experienced a notable increase of over 1% this Wednesday. This surge is further attributed to heightened demand in European and Chinese markets, spurred by recent dips in oil prices.

Geopolitical Factors at Play

The escalation of conflicts between India and Pakistan, alongside Israel's recent airstrikes in Yemen, has added to the geopolitical tensions influencing the oil market. These developments have contributed to the volatility and upward trend in oil prices.

Market Response

West Texas Intermediate (WTI) for June's settlements saw a 1.49% increase, trading at $59.97 per barrel, while Brent for July deliveries gained 1.24%, reaching $62.92 per barrel.