Oil prices end at a more than 3-week high after this year's largest weekly drop in U.S. inventories

Oil futures ended Wednesday at their highest in more than three weeks after the U.S. government reported a more than 12 million-barrel weekly drop in domestic crude inventories — the largest so far this year.

The rise in prices came a day after Saudi Arabia’s energy minister warned of pain ahead for short sellers. Some analysts said his remarks hint at the possibility that major oil producers will agree to cut output even further when they meet in early June, which would lead to tighter supplies.

Price action

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