US crude oil inventories fall by 3 million barrels

Markets had expected a decline of approximately 820,000 barrels, and the larger-than-anticipated drawdown intensified supply concerns in oil markets.

The inventory decline, combined with escalating geopolitical tensions in the Middle East, was among the developments supporting oil prices. Brent crude's rise above $110 per barrel renewed concerns about global energy costs and the inflation outlook. Investors are monitoring changes in US oil inventories alongside developments that could affect global oil shipments and production capacity.