Oil futures settle higher after U.S. data show a weekly drop in supplies

Oil futures finished higher on Wednesday after the Energy Information Administration reported that U.S. crude supplies fell by nearly 10 million barrels for the week ended June 23. “There are relatively few positive drivers for oil at the current time,” including the 9.6 million-barrel weekly draw in U.S. crude supplies reported by the EIA, said Michael Hewson, chief market analyst at CMC Markets UK. However, the prospect of higher interest rates going forward “appears to be the foremost concern for now,” he said, as higher rates could lead to a recession. August West Texas Intermediate crude
CLQ23,
+2.19%
gained $1.86, or nearly 2.8%, to settle at $69.56 a barrel on the New York Mercantile Exchange.