Oil Prices React to US Inventory Data

Oil futures prices experienced a notable increase on Wednesday, driven by recent data indicating a 0.9 million barrel decrease in US oil inventories for the week ending December 13. This reduction has raised concerns about potential supply constraints, leading to a surge in prices.

The West Texas Intermediate (WTI) for January settlements climbed 1.31% to reach $71.01 per barrel at 10:38 am ET. In parallel, Brent crude oil for the same month's deliveries rose 0.94% to trade at $73.80 per barrel.