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Crude Oil Rose After US Data Showed An Unexpected Decrease In Crude Stocks.
Crude oil prices surged by 2.05% in the previous session, settling at 6579, following unexpected declines in U.S. crude inventories as reported by the EIA Petroleum Status Report. The data revealed a reduction of 1.536 million barrels in crude stocks for the week ending March 8, 2024, contrary to market expectations of a 1.338 million barrel increase. This marked the first decline in seven weeks and contributed to a bullish sentiment in the oil market. Additionally, gasoline stocks witnessed a significant drop of 5.662 million barrels, the most in nearly a year, surpassing forecasts, while distillate stockpiles saw an unexpected increase of 888 thousand barrels.
