Oil Rally Ignites as U.S. Reserves Take a Dive

On July 17, 2024, the oil market witnessed a notable surge, with West Texas Intermediate (WTI) prices jumping over 2%. This increase followed a report from the US Department of Energy detailing a substantial 4.87 million barrel drop in national oil inventories, now standing at 440.226 million barrels. Analysts, expecting stability, found themselves caught off […]