U.S. EIA reports record SPR draw, as oil prices climb

The U.S. Energy Information Administration (EIA) reported a record withdrawal of nearly 10 million barrels from the Strategic Petroleum Reserve (SPR) last week.

Commercial crude oil inventories fell by 7.9 million barrels during the same period. This decline significantly exceeded analyst expectations of a 2.9 million barrel draw.

Shrinking stockpiles and Middle East geopolitical uncertainty triggered a rebound in crude oil prices. Brent crude futures rose to $105.83 per barrel. West Texas Intermediate (WTI) crude climbed to $99.23 per barrel.

The data signals strong demand and a supply landscape vulnerable to disruptions.