Oil Prices Rise 3 Percent on Significant Draw in US Crude Stockpiles - News18
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Last Updated: June 29, 2023, 01:58 IST New York, United States of America (USA) Some analysts expect the market to tighten in the second half, citing ongoing supply cuts by OPEC+, the OPEC and allies like Russia, and Saudi Arabia’s voluntary reduction for July.(Reuters File Photo) Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.86, or 2.8%, to settle at $69.56 Oil prices climbed about 3% on Wednesday as the second straight weekly draw from U.S. crude stockpiles was bigger than expected, offsetting worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.86, or 2.8%, to settle at $69.56, narrowing Brent’s premium over WTI to its lowest since June 9. The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in th