# Oil prices jump 3% on bigger-than-expected decline in US crude storage

> Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel, and WTI gained $1.86, or 2.8%, to $69.56. The rise followed a bigger-than-expected decline in US crude inventories. Brent's premium over WTI narrowed to its lowest since June 9.

- Date: 2023-06-28 · published 2023-06-28T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/35658-oil-prices-jump-3-on-bigger-than-expected-decline-in-us-crude-storage
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A larger-than-expected draw in US crude stocks signals tighter near-term supply, which lifts energy costs for biofuel and feed processing. Higher crude also tends to support vegetable oil and biofuel-linked prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-ticks-up-drop-us-crude-gasoline-stocks-exceeds-view-2023-06-28/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.