Reported 12 months ago
Oil prices surged to their highest level in over two months after a government report revealed a substantial decrease in US crude inventories, marking the largest drop in nearly a year. The Energy Information Administration reported a 12.2 million-barrel decline in US oil stockpiles, the most significant since late July 2023. Oil prices are up approximately 14% since early June, mainly due to OPEC+ supply constraints, positive equity market sentiment, and geopolitical tensions in various regions.
Source: YAHOO