Oil Prices Climb Amidst Lower US Inventories

Crude oil prices experienced a significant increase of over 1% this Wednesday. This surge comes in the wake of the American Petroleum Institute (API) reporting a notable decrease in US inventories by 4.5 million barrels last week. Additionally, the recent dip in oil prices has spurred increased demand in key markets such as Europe and China.

Geopolitical Factors Fueling the Rise

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

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. These figures highlight the market's responsive nature to both inventory reports and geopolitical events.