Market

Oil Prices Surge Over 1% Amid Trade Optimism and Falling US Crude Inventories

Oil Prices on the Rise

Crude oil prices experienced a significant increase, climbing more than 1% on Thursday. This surge comes in the wake of United States President Donald Trump's announcements regarding several trade deals, including agreements with Japan, Indonesia, and the Philippines. Additionally, there are reports of a potential agreement with the European Union, further fueling market optimism.

Market Reactions

Investors are also reacting to the latest Energy Information Administration (EIA) report, which indicated a decrease in US crude oil inventories by 3.2 million barrels in the previous week. This development has contributed to the upward momentum in oil prices.

Price Movements

As of early trading, West Texas Intermediate (WTI) for September deliveries saw an increase of 1.38%, reaching $66.30 per barrel. Similarly, Brent for the same month's settlements rose by 1.43%, trading at $69.48 per barrel.