Oil Prices Surge on Falling Inventories and Rising Geopolitical Tensions

Oil futures have surged sharply this week, driven by a significant draw in U.S. crude inventories and signs of a cooling job market that have fueled hopes of a potential Federal Reserve rate cut. Lower interest rates could bolster oil prices, which have been under pressure due to tepid global demand. EIA Report Fuels Price Increase The U.S. Energy Information Administration (EIA) reported a notable decline in crude inventories, which fell by 2.5 million barrels to 457.1 million barrels for the week ending June 14. This drawdown exceeded analysts'…