Oil surged as US supply tightens

International benchmarks for crude oil rose sharply on Thursday, 29 July 2021 after a report from the Energy Information Agency (EIA) showed a large drop in US crude inventories to the lowest levels since January 2020 amid the strong summer driving season.

Brent jumped $1.31/barrel, or 1.75% to $76.05.

WTI settled up $1.23/barrel, or 1.7% to $73.62.