Oil prices surged by 2% following a slight increase in US crude inventories, coupled with expectations of a Federal Reserve interest rate cut. The rise in oil prices was driven by a smaller-than-expected build in US crude stocks, which provided support to the market.
The Energy Information Administration reported a modest increase of 1.6 million barrels in US crude inventories, lower than the anticipated rise of 2.8 million barrels. This news helped boost oil prices as it indicated a lower supply than previously projected.
