Oil prices surged on Wednesday, with Brent up over 3% and WTI up nearly 4% shortly after the Energy Information Administration (EIA) reported surprise draws in U.S. crude oil inventory and natural gas stocks. Also contributing to the surge in oil prices was a U.S. dollar giving up some of its recent gains and some 11% of output shuttered in the Gulf of Mexico as Hurricane Ian made its way toward the Florida coast. At 1:45 p.m. EST Wednesday, Brent crude was trading at $88.92 per barrel, up $2.65 (+3.07%) on the day, while WTI was trading at $81.57, up $3.07 (+3.91%) on the day. Oil’s Wednesday gains pare significant losses last week, when prices fell to their lowest levels since January in the aftermath of a global central bank interest rate hikes and fears of recession. Earlier on Wednesday, the EIA reported a crude oil inventory draw of […]