Oil prices surge despite unexpected increase in U.S. crude inventories.

Despite bearish EIA inventory data, WTI crude oil prices rose above $70 per barrel, recouping more than half of this week's losses. Factors affecting the oil markets include China's oil demand, OPEC+ upcoming meeting, the Fed's future interest rate plans, rising U.S. crude oil inventories, and Russia's crude oil production levels. The market believes that OPEC+ will not change production plans, but the $74 handle for Brent is likely below the comfort level of most OPEC+ levels, leaving some to believe another cut is inevitable.