Oil Inventories See Major Draw, Bank of Canada Cuts Rates and Outlook, While Tech Giants Get Price Target Boosts

Key TakeawaysU.S. Crude Oil Inventories experienced a significant draw of 6.858 million barrels, far exceeding the estimated 1.203 million barrel increase and the previous week's 961,000 barrel decline. However, Cushing crude oil inventories saw a build of 1.334 million barrels, reversing the prior week's draw.The Bank of Canada cut its benchmark interest rate by 25 basis points to 2.25% and sharply reduced its economic growth forecasts for 2025 to 1.2% (from 1.8%) and 2026 to 1.1% (from 1.8%), primarily du ...