US draws down record volumes of crude oil from stocks, EIA says

The United States withdrew a record 17.8 million barrels of crude from inventories, signaling a sharp supply draw. The EIA said the Iran war has cut global supplies and boosted demand for U.S. crude and products, a geopolitical shock that could tighten energy markets and support prices.

Analysis

The United States withdrew a record 17.8 million barrels of crude from inventories, signaling a sharp supply draw. The EIA said the Iran war has cut global supplies and boosted demand for U.S. crude and products, a geopolitical shock that could tighten energy markets and support prices.