March 30, 2023 (MLN): Oil prices are on the rise on Thursday as U.S. crude oil stocks experienced a significant decrease.

U.S. Energy Information Administration (EIA) data showed that U.S. crude stocks fell by almost 7.5 million barrels last week.

This was a surprise drawdown after weeks of sharp increases in U.S. crude inventories and weak demand for U.S. crude.

At the time of writing, Brent crude oil is being traded at $77.96 a barrel, up by 0.86%, as shown in the graph below fetched from Mettis Global data.

While West Texas Intermediate (WTI) U.S. crude is currently trading at $73.44 a barrel, up by 0.93%, in the Asia session.

Market talks highlighted that the drawdown was driven by a surge in U.S. crude oil exports, which reached their highest level since July 2020.

The banking/financial markets have exerted strong pressure on crude futures, which are expected to rebound from their lowest point and increase in value in the future.

Copyright Mettis Link News

Posted on: 2023-03-30T14:15:18+05:00