Oil futures finish higher, buoyed by a hefty weekly decline in U.S. crude supplies

Oil futures settled higher on Wednesday, finding support after the Energy Information Administration reported a 12.5 million-barrel weekly fall in U.S. crude inventories, the biggest year to date. Meanwhile, analysts said remarks from Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, on Tuesday, warning traders about betting on continued declines in oil prices, hinted at the potential for another output cut by major oil producers. The group of producers known as OPEC+ will hold its next meeting in early June. July West Texas Intermediate crude
CLN23,
+1.14%
rose $1.43, or 2%, to settle at $74.34 a barrel on the New York Mercantile Exchange.