Crude prices surged more than 2 percent in overnight trading amidst continuing concern over the supply position. The recent massive decline in crude oil inventories in the U.S. and the perception that the OPEC+ would not agree for an output boost drove prices of the black fluid higher.
Data released by the Energy Information Agency on Wednesday had shown the crude oil stocks in the U.S. falling by 4.5 million barrels in the week ended July 22, far above the expectations of a 1-million-barrel drop. The decline in inventory in the previous week was just 0.5 million barrels.
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