Crude Oil Prices Climb Amidst Declining US Inventories

In a notable shift, crude oil prices experienced an upward trajectory, increasing by more than 1% this Thursday. This surge comes in the wake of the Energy Information Administration's (EIA) latest report, which highlighted a one-million-barrel reduction in commercial crude oil inventories for the week ending January 3.

Adding to the momentum, United States President-elect Donald Trump has announced plans to overturn the current administration's ban on offshore drilling, a move that has further fueled the market's optimism. This policy reversal is expected to significantly impact the oil industry's dynamics in the coming months.

Market Response to Inventory Changes

West Texas Intermediate (WTI) for February deliveries saw a 1.12% increase, trading at $74.13 per barrel by 11:01 am ET. Similarly, Brent for March settlements enjoyed a 1.14% rise, reaching $77.0 per barrel at the same time. These figures underscore the market's positive reaction to the latest inventory data and policy announcements.