WTI recently hit $60 per barrel for the first time since November, driven higher by the OPEC+ cuts, as well as by outages in Venezuela and Iran. Those supply cuts have been tightening up the market for a while now, but the mid-week report from the EIA that showed a massive inventory drawdown helped push WTI over $60 per barrel. Oil prices had seemed to run out of steam just short of that threshold, but the decline of 9.6 million barrels was a surprise. “It was also the biggest inventory reduction within a week since July 2018…Stocks normally increase at this time of the year, which makes the substantial inventory reduction all the more remarkable,” Commerzbank wrote in a note. “The sizeable inventory overhang that had still been in place until recently was thus eradicated completely.” The investment bank added that the U.S. oil market “is no longer oversupplied…which […]