"Oil Surges on Inventory Draws and Fed Rate Cut Signals"

Crude oil prices rose as the Energy Information Administration reported inventory draws in gasoline and middle distillate stocks, with a build of 1.4 million barrels in crude oil. Traders shifted focus to the latest OPEC+ meeting and the decision to continue withholding 2.2 million bpd from the global market, leading to a rise in prices despite concerns over Chinese economic growth measures. Analysts suggest signs of a tightening oil market and the impact of ongoing production cuts.