Global oil prices jumped more than 2% on Wednesday, marking the second consecutive day of gains.
Oil prices surged as U.S. oil inventories for the previous week fell far below expectations.
The U.S. Department of Energy reported that as of March 7, oil inventories stood at 1.44 million barrels, far below the previous week’s 3.61 million.
This sharp decline suggests stronger-than-anticipated oil demand.
As a result, Brent crude, the international oil price benchmark, closed up $1.39 (2.0%) at $70.95 per barrel for May delivery, surpassing the psychological resistance level of $70 per barrel. Similarly, West Texas Intermediate (WTI), the U.S. oil benchmark, saw its April contract rise by $1.43 (2.16%), finishing at $67.68 per barrel.
