Oil rises 3% as supply concerns increase due to a sharp decline in US crude inventories

Oil prices rose 3% today to record their highest level in 2023 after a sharp decline in US crude inventories, which exacerbated fears of tight global supplies, as US crude inventories fell by 2.2 million barrels to 416.3 million barrels last week.

Crude stocks at the Cushing Storage Center in Oklahoma, the delivery point for US crude futures, fell by 943,000 barrels per week to just under 22 million barrels, the lowest level since July 2022.

Brent crude futures rose $2.59, by 2.8%, to $96.55, and exceeded the level of $97 per barrel during the session. US West Texas Intermediate crude futures rose $3.29, by 3.6%, to $93.68, and the highest price for the session was recorded at more than $94 per barrel.

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