A surge in oil prices occurred after the U.S. crude inventory posted a drawdown on Thursday.
West Texas Intermediate (WTI) futures climbed up by 0.2% ($55.78/barrel). Brent Crude Futures rose once more (its fifth in a row) by 0.1% ($60.36/barrel).
Inventories of U.S. crude dipped by 2.7 million barrels, far from analysts’ forecast of drop by 1.9 million barrels. Gasoline stocks, however, hiked by 312,000 barrels as well as distillate supplies with 2.6 million barrels rise.
Investors and traders are bothered for possible global oil demand as the U.S.-China trade war lives on. Aside from this, oil markets were affected by the conflicts between the U.S. and Iran.
The Foreign Minister of Iran warned the U.S. government that Tehran might retaliate or respond from the pressure coming from Washington. Trump’s policies in oil trade are putting Iran in vex.