Oil Prices Surge on Tightening Supplies and Strong Demand
Crude oil inventories in the US fell by 6.7 million barrels, surprising analysts who expected a build of 525,000 barrels. The Strategic Petroleum Reserve (SPR) inventory dropped for the eighth week in a row, with 1.6 million barrels sold. US crude oil production fell to 12.2 million bpd, 900,000 bpd lower than the peak in March 2020. WTI and Brent prices rose, with WTI trading at $72.91 per barrel and Brent at $76.83 per barrel.
