Oil Prices Rise on Larger-Than-Expected Crude Draw - News18
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Last Updated: June 30, 2023, 00:46 IST New York, United States of America (USA) Rising interest rates and shrinking crude supplies create uncertainty in oil market. (Photo: Reuters) Brent crude futures rose 31 cents, or 0.4%, to $74.34 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 30 cents, or 0.4%, to $69.86 a barrel Oil prices settled higher on Thursday after flip flopping during the session, supported by a bigger draw than expected in U.S. crude inventories but pressured by fears that rising interest rates could dent global economic growth. Brent crude futures rose 31 cents, or 0.4%, to $74.34 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 30 cents, or 0.4%, to $69.86 a barrel. On Wednesday, both benchmarks gained about 3% after the U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million barrel draw analysts had forecast in a Reuters poll