U.S. oil inventory draw pushes crude prices up 2%

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Crude Oil prices rose 2% on Wednesday, boosted by draws from the U.S. inventories of crude, gasoline, and distillates. that, in turn, lifted investors’ optimism for some return in fuel demand.

Brent crude futures gained $1.12, or 2.24%, to settle at $51.20 per barrel, while West Texas Intermediate (WTI) crude futures settled 2.34%, or $1.10, higher at $48.12 per barrel.

Crude oil inventory decreased -0.6 million barrels, according to the EIA’s Weekly Petroleum Status Report. The Energy Information Administration says inventories shrunk by 562,000 barrels, though that was significantly less than the 3.1 million-barrel decline that had been forecast.

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