US crude inventories drop 9.1 million barrels, extending declines as geopolitical risks bolster near-term price forecasts.
US crude oil inventories fell by 9.1 million barrels last week, marking a fifth consecutive decline, according to private survey data. The draw exceeded expectations, reinforcing concerns over tightening supply amid ongoing geopolitical tensions in key oil-producing regions.
Analysts at Citi raised their near-term Brent price target to $150, citing underpriced risks of supply disruptions. Oil prices remained elevated despite a slight dip following comments on potential de-escalation, as market focus shifted to inventory levels and production constraints.
The API report highlighted a sharper-than-anticipated reduction in stockpiles, contrasting with recent stability in global supply forecasts. Traders are closely monitoring developments in the Middle East, where energy shocks could further strain markets.