Crude oil futures jumped higher on Wednesday amid supply concerns after data showed a sharp drop in U.S. crude oil inventories in the week ended March 21, 2025. As per Energy Information Administration (EIA), the U.S. crude oil inventories are about 5 percent below the five-year average for this time of year. Besides, renewed efforts from the U.S. to limit Venezuelan and Iranian oil exports also boosted prices.
Benchmark crude oil futures for May closed higher up $0.65 or about 0.94% at $69.65 a barrel on the New York Mercantile Exchange. Brent crude for May delivery gained $0.77 or about 1.05% to settled at $73.79 a barrel on London's Intercontinental Exchange.