Crude Oil Prices on the Rise

Crude oil prices experienced a significant increase of more than 1% this Wednesday. This surge comes in the wake of reports from the American Petroleum Institute (API) indicating a substantial drop in U.S. inventories by 4.5 million barrels last week. Additionally, the recent dip in oil prices has sparked a higher demand in both European and Chinese markets.

Geopolitical Factors at Play

The escalation of geopolitical tensions is also contributing to the volatility in oil prices. Ongoing conflicts between India and Pakistan, along with Israel's recent attacks in Yemen as part of its campaign against the Houthis, are adding to the market's uncertainty.

Market Response

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