Oil and Gas

Last week, US crude inventories fell by 4.04 million barrels, the oil API reported. This is the sharpest drop in these stocks since the end of May, and analysts had expected them to drop by 1.5 million barrels.

 Oil futures settled at a one-week high on Wednesday, supported by data from the US government showing weekly declines in domestic crude oil and product supplies.

Natural gas futures tumbled after a three-session rally amid recent reports that Russia is taking action to curb fuel supplies to Europe.

Oil prices retained most of their gains after the Fed announced Wednesday afternoon that it had increased its benchmark short-term interest rate by another 0.75 percentage points, as expected.

The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas, measured home prices in May amid rising mortgage rates. House prices in the United States increased by 7.4% compared to June last year. However, it was $402,400, down 9.5% from the previous month.