NEW YORK—Oil prices rose about 2 percent on Wednesday as a bigger-than-expected drop in U.S. crude stockpiles offset worries that further interest rate hikes could slow economic growth and reduce global oil demand.
Brent futures were up $1.31, or 1.8 percent, to $73.57 a barrel at 11:15 a.m. EDT (1515 GMT), while U.S. West Texas Intermediate (WTI) crude was up $1.40, or 2.1 percent, to $69.10.
The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, putting stockpiles down for a second week in a row.
That was much bigger than the 1.8 million barrel draw analysts forecast in a Reuters poll and compares with a decline of 2.8 million barrels in the same week last year and a five-year (2018-2022) average decrease of 7.8 million barrels….