Oil jumps 2% as US crude stockpiles drop

Prices of oil futures rose by 2% on Wednesday after the United States Energy Information Administration reported that the crude inventories in the country withdrew by higher-than-expected 4.6 million barrels during the last seven days.

The US dollar's slump, which was seemingly prompted by the country's inflation reading, also boosted the sentiment.

West Texas Intermediate jumped 2.07% at 12:14 pm ET, selling for $82.91 per barrel, while Brent added 1.58% a minute later, to go for $85.05 per barrel.

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