Oil Prices Surge on Crude Inventory Drop and OPEC Speculation

The global oil market experienced a significant surge in prices on Wednesday, with Brent crude futures rising 3.2% to $86.80 per barrel and U.S. West Texas Intermediate (WTI) crude gaining 3.4% to reach $81.95 per barrel.

This price increase is attributed to the release of U.S. inventory data from the American Petroleum Institute (API), which showed a sharp drop in crude oil stockpiles by approximately 3.3 million barrels during the week ending July 24.

The market is also expecting OPEC+ to potentially delay planned production hikes, keeping global supply tight and supporting higher prices.