Crude oil prices rose sharply on Wednesday after data showing an unexpected drop in U.S. crude stockpiles in the week ended September 22 added to concerns about tightening supplies amid production cuts by OPEC and its allies.
West Texas Intermediate Crude oil futures for November climbed $3.29 or about 3.6% to settle at $93.68 a barrel, the highest settlement since August 29, 2022.
Brent crude futures were up $1.98 or about 2.1% at $94.41 a barrel a little while ago.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.