Oil prices gained momentum on Wednesday, spurred by an unexpected decline in U.S. crude inventories and ongoing geopolitical uncertainties. The price of Brent crude for May delivery increased by 1.05%, reaching $73.79 a barrel. Similarly, the American benchmark, West Texas Intermediate (WTI), also for delivery in May, rose by 0.94% to $69.65 a barrel.
“The market was bolstered by encouraging inventory figures from the EIA, which indicated a significant drop in crude oil stocks in the United States,” stated Andy Lipow, an analyst at Lipow Oil Associates. According to information released on Wednesday by the U.S. Energy Information Administration (EIA), commercial oil inventories in the U.S. experienced an unexpected decline last week.
