Oil is up 3% with a decline in US oil inventories

Oil prices rose today by about 3%, with a decline in US crude oil inventories more than expected, which offset concerns that an increase in interest rates may slow economic growth and reduce global demand for oil. The Energy Information Administration said The American (EIA) said that crude oil inventories fell by 9.6 million barrels in the week ending June 23, exceeding the average draw in the five years from 2018 to 2022. Brent crude futures rose by $ 1.77, or 2.5%, to $ 74.03 a barrel, as futures contracts rose. US West Texas Intermediate crude increased by $1.86, or 2.8%, to $69.56 per barrel.