Oil Prices Surge Over 1% on US Crude Inventories Drawdown, OPEC+ Production Cut Prospects
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Last Updated: May 24, 2023, 23:55 IST The U.S. Memorial Day holiday on May 29 marks the beginning of the peak summer travel season and higher fuel demand. (Image: Reuters File) Brent crude futures rose 90 cents, or 1.2%, to $77.74 a barrel by 12:29 p.m. EDT (1629 GMT) Oil prices rose over 1% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts. Brent crude futures rose 90 cents, or 1.2%, to $77.74 a barrel by 12:29 p.m. EDT (1629 GMT). U.S. West Texas Intermediate crude (WTI) gained 97 cents, or 1.3%, to $73.88. U.S. crude inventories posted a massive surprise weekly drawdown of 12.5 million barrels to 455.2 million barrels, the Energy Information Administration said. Analysts had expected an 800,000-barrel rise. [EIA/S] U.S. gasoline stocks dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles f