Oil Prices Jump 2% On Bullish Inventory Data

Oil prices rose nearly 2% on Wednesday after a favorable U.S. inventory report from the Energy Information Administration (EIA), an OPEC agreement to taper the production cuts, and assurances from U.S. President Trump that Washington will not levy sanctions on China for its treatment of Hong Kong. Oil price futures were up more than 2% on Wednesday, with spot prices for WTI up 1.71% at $40.98 at 6:30pm EDT. Brent crude was trading up 1.75% at $43.65. The news piggybacked on the good news from the EIA, which on Wednesday confirmed the API’s…