Oil futures are up after inventory numbers were lower than Wall Street expectations.
ADVERTISEMENT
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%.
ADVERTISEMENT
Recommended articles
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
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Bolstering career in machine learning: How to succeed in AI research
Nigerian government says no official demanded $150m bribe from Binance
Zimbabwe's goal to save billions spurs an aggressive crackdown on political criminals
10 most stable countries for employees in Africa
Uganda crowned best investment destination in Africa
Namibia becomes the first African country to significantly crack HIV
How crises from blackouts to pandemic drained $46 billion from South Africa
5 major African economies and their quality of life score
