The price of crude futures settled the day at $74.08. That’s up $1.52 or 2.09%. The high price reached $74.19. The low price was at $72.10. The current price traded $73.89.
US inventory data was mixed, but there were increased geopolitical risks from activity in the Red Sea. The US data today – especially the initial jobless claims in continuing claims – were supportive of stronger growth.. The IEA also raised its global oil demand growth forecast for the year (by 180 K BPD)
Crude oil inventories saw a draw of -2.5 million barrels, but gasoline distilates showed a greater than expected builder 5.5 million barrels.