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Oil jumps over 3% on U.S. inventory drop
Oil prices rose by more than 3% during Wednesday's trading session, recovering from earlier losses, supported by a decrease in U.S. crude inventories, which declined by 3.3 million barrels for the week ending July 24. This suggests an improvement in global demand. The market was also bolstered by expectations that OPEC+ production will remain unchanged for three months starting in October, aiming to stabilize oil prices amid ongoing geopolitical tensions, especially in the Middle East. Geopolitical factors continue to influence oil prices and market outlooks, particularly concerns over navigation in the Strait of Hormuz and the impact of American and Iranian statements.
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