Massive U.S. inventory draw boosts oil prices, while economic concerns persist.

Oil prices rose in Asian trading as industry data showed a significant decline in U.S. inventories, indicating tighter supply conditions. However, concerns over slowing economic growth and a potential U.S. debt default persisted.

According to data from the American Petroleum Institute (API), U.S. inventories recorded their fastest decline in nearly six months over the past week, fueled by increasing gasoline demand ahead of the upcoming summer travel season.

This data typically foreshadows a similar trend in the government data to be released later in the day. Combined with signs of disruptions in U.S. crude supplies, it suggests tighter oil markets in the coming days. Brent crude futures increased by 1% to $77.78 per barrel, while West Texas Intermediate crude futures rose by 1.3% to $73.91 per barrel at China Standard Time 9:41(GMT+8).

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