The Energy Information Administration reported U.S. crude oil inventories fell 9.13 million barrels during the week ending April 10 — the second consecutive weekly draw and far exceeding the 154,000 barrel build analysts expected.
The draw sent WTI crude up 3.72% to $94.62 per barrel and Brent up 4% as traders reassessed the tightness of global supply.
Cushing, Oklahoma storage — the physical delivery point for WTI futures — remains below the 5-year average for this time of year. Strategic Petroleum Reserve releases remain paused.
Refinery utilization ticked up to approximately 87% as Gulf Coast operations ramp for summer driving season, helping draw down crude stocks.