Crude oil futures ended higher on Wednesday bouncing back from four-month lows after a decision by OPEC+ to increase production triggered a selloff this week. Oil prices were down nearly 4% this week after eight OPEC+ members agreed Sunday to gradually phase out 2.2 million barrels per day in production cuts. Meanwhile, optimism about the outlook for interest rates may have contributed to the turnaround by crude oil, as data showed signs of weakness in the labor market. Traders largely shrugged off a report from the Energy Information Administration showing crude oil inventories unexpectedly rebounded in the week ended May 31st. The report said crude oil inventories rose by 1.2 million barrels last week after tumbling by 4.2 million barrels in the previous week.
Benchmark crude oil futures for July delivery surged 82 cents or 1.12% to settle at $74.07 a barrel on the New York Mercantile Exchange. Brent crude for August delivery was up 89 cents or 1.15% to $78.41 per barrel on London's Intercontinental Exchange.