Oil Prices Climb Amidst Lower US Inventories

In a surprising turn of events, crude oil prices surged by more than 1% this Wednesday. This increase comes after reports from the American Petroleum Institute (API) indicated a significant drop in US inventories by 4.5 million barrels last week. The lower oil prices seen in previous days have sparked a heightened demand in key markets such as Europe and China.

Geopolitical Tensions Add to Price Volatility

The oil market is also feeling the heat from escalating geopolitical tensions. The ongoing conflict between India and Pakistan, along with Israel's recent attacks in Yemen, are contributing to the uncertainty in the oil markets.

Market Reactions

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