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Surprise increase in U.S. crude inventories and prospects of a ceasefire in the Middle East add downward pressure on prices
U.S. crude production escalates to 13.15 million barrels per day in February
Market expectations for any rate cuts have been pushed out, which could boost the U.S. dollar and potentially dampen oil demand and prices
Brent crude futures saw a gain of 31 cents, equivalent to 0.4 percent, reaching $89.32 per barrel
EIA reported an unexpected U.S. crude drop of 6.4 million barrels, surpassing expectations of an 825,000-barrel increase
The unexpected decrease in U.S. inventories, as indicated by industry data, provided some support to crude prices
Investors fueled the increase as they continued to assess geopolitical concerns in the Middle East
Brent crude futures declined to $86.62 per barrel, WTI crude futures dropping to $82.51 per barrel
Brent futures rose by $2.63, reaching $89.74 per barrel
Venezuela's oil exports had grown 12 percent in 2023 to 700,000 bpd after the easing of some U.S. sanctions
Brent oil futures fell 0.1 percent to $89.89 per barrel
Brent crude futures for June delivery gained 48 cents, or 0.5 percent, settling at $90.58 per barrel
