Oil prices rebound by more than $2 a barrel on prospect of tightening US crude supplies

Oil prices surge nearly 4% on West Asia tensions and lower US crude inventories

Brent crude climbed above $87 as Middle East tensions intensified, US crude inventories fell and expectations grew that OPEC+ may pause output hikes.

Oil prices rebound by more than $2 a barrel on prospect of tightening US crude supplies

Oil prices increased significantly on Wednesday due to declining U.S. crude inventories. OPEC+ is expected to halt output increases starting in October, supporting prices. Shrinking U.S. crude inventories contributed to the price surge in early trade. Gasoline and distillate inventories saw modest increases during the same period. Market participants await official U.S. inventory data later today.

Brent surges above $85 as US crude inventories shrink, OPEC+ output pause speculation lifts oil

Oil prices jumped more than 4 per cent in early Asian trade on Wednesday, recovering sharply from the previous session's steep losses, after industry data showed a significant drawdown in US crude inventories and reports suggested OPEC+ could pause planned production increases later this year

Oil prices rebound by more than US$2 a barrel on prospect of tightening US crude supplies

Prices plunged by about 5% on Tuesday to a two-week low Read more at The Business Times.