Oil prices rise 1% on larger-than-expected decrease in US crude inventories, possible supply disruptions

From Investing.com: 2024-07-03 16:01:36

Oil prices rose 1% on Wednesday due to a larger-than-expected decrease in stocks. U.S. West Texas Intermediate (WTI) crude futures gained 1.3% to $83.88. The U.S. Energy Information Administration reported a 12.2 million barrel draw in crude oil storage last week. Market reacted quietly due to lower trading volumes before Independence Day. Possible supply disruptions from Hurricane Beryl kept prices elevated. OPEC output increased in June, weighing on prices. China’s slowing economic activity dampened prices, with the slowest service activity expansion and four-year low confidence in June. Euro zone business growth also slowed.



Read more at Investing.com: Oil prices rise on deep weekly draw in US crude inventories By Reuters