Oil gains 1% on lower US inventories

Crude oil prices increased by more than 1% on Wednesday after the American Petroleum Institute (API) allegedly reported that the inventories in the United States dropped by 4.5 million barrels in the previous week, while lower oil prices in the previous days drew bigger demand in European and Chinese markets. The increase in oil prices also comes amid growing geopolitical tensions, as the conflict between India and Pakistan continued to escalate, and Israel attacked Yemen in its ongoing fight against the Houthis.