Oil futures are up after inventory numbers were lower than Wall Street expectations.
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Oil prices are popping after inventory report shows huge draw
The price of West Texas Intermediate futures was up by 2.61%, and Brent oil futures were up a similar 2.55%.
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US crude inventories were down 6.299 million barrels, according to the most recent Energy Information Administration report. That was a much larger fall than Wall Street's expectations of a draw of 2.283 million.
Oil has seen a bit of a bump recently, growing 2.25% over the last week. The upward trend was headed higher before Bloomberg reported Tuesday that Russia was opposed to further OPEC production cuts.
A new report showing huge US government subsidies for fossil fuel companies came out on Wednesday. The report found that the
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