Oil prices jump nearly 3 % as US inventories fall

Oil futures jumped about three percent amid investor concerns about the expansion of the conflict in the Middle East, and after a sharp decline in US crude inventories. Brent crude futures for September delivery rose $2.09 per barrel, or 2.66 %, to $80.72 per barrel at settlement, while the more active October contracts rose $2.77 to $80.84. US West Texas Intermediate crude futures rose $3.18 per barrel, or 4.26 %, to $77.91 per barrel at settlement, in their biggest daily gain since October 2023. However, Brent crude ended July with a monthly decline of seven percent, while West Texas Intermediate crude fell by about four percent during the month. Government data showed that US crude inventories fell by about 3.4 million barrels last week. Stocks fell for the fifth week in a row, the longest streak of declines since January 2021. Source: National Iraqi News Agency