Commodities
Oil Prices Soar as US Crude Inventories Rise
Oil prices surged nearly 4% on Wednesday after volatile trading, driven by US data showing crude inventories increased while gasoline and distillate stocks declined.
Brent crude futures jumped $3.83 to settle at $103.08 a barrel, while US West Texas Intermediate (WTI) crude futures rose $1.64 to $92.16 a barrel.
The US Energy Information Administration reported that crude oil inventories rose by 3 million barrels in the week ended September 18th to 426.4 million barrels, exceeding analysts' expectations for a decline of 641,000 barrels.