WTI Crude Soars on Tailwinds of Saudi July Export Cuts

U.S. benchmark West Texas Intermediate (WTI) is up over 2.9%, with Brent up only half that on the day, after the EIA reported a larger-than-expected draw on U.S. crude stockpiles and a weakening U.S. dollar. U.S. crude oil inventories have drawn down more than 20 million barrels over the last three weeks as driving season props up demand. On Wednesday at 5:16 p.m. ET, Brent crude was trading up 1.72% at $85.17, up $1.44 on the day, while WTI was trading up 2.90% at $83.10, for a gain of $2.34 on the day. The price of the OPEC basket of…