WTI crude futures rose more than 2% to above $79 per barrel on Wednesday, after US government data showed an unexpected decrease in crude stocks. The EIA report showed crude oil inventories in the US fell by 1.536 million barrels last week, defying expectations of a 1.338 million-barrel increase. It was the first decline in seven weeks, confirming industry data reported on Tuesday by API. Additionally, the report highlighted a drop at the Cushing hub in Oklahoma, alongside diminished gasoline stocks. Meanwhile, Iraq exceeded its quota for oil production for the second consecutive month, according to OPEC. The EIA also forecasted a faster-than-expected increase in US oil production for this year, which will support global supplies.
