Oil prices jump 2% on supply worries after large US stock drawdown

Oil prices rose by nearly $2 in early trading on Wednesday, following data showing a larger-than-expected decline in US crude stocks. Concerns over supply disruptions from the Middle East due to the Israel-Hamas conflict also contributed to the price increase.

Oct 18, 2023 - 12:30
Oil prices jump 2% on supply worries after large US stock drawdown
Oil prices rose by nearly $2 in early trading on Wednesday, following data showing a larger-than-expected decline in US crude stocks. Concerns over supply disruptions from the Middle East due to the Israel-Hamas conflict also contributed to the price increase.