4.339M barrels drop in US crude oil inventories, exceeding analyst projections, raises oil prices.

The American Petroleum Institute (API) reported a significant drop of 4.339 million barrels in U.S. crude oil inventories for the week ending September 20, diverging from analysts' expectations of a 1.1 million barrel decline. This sharp decrease affected oil prices, with West Texas Intermediate rising to $71.56 per barrel and Brent crude settling at $75.17. An upcoming report from the U.S. Department of Energy will provide further insights.

September 24, 2024
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