Brent crude oil futures rose 1% to $66.3 per barrel after EIA data showed a sharp drawdown in inventories at the key Cushing, Oklahoma hub. Stockpiles there fell by 763,000 barrels last week, the largest decline since June, while nationwide crude inventories increased more than expected but remain close to seasonal lows. The report also showed lower holdings of refined oil products, signaling stronger demand. Still, broader price gains were limited by expectations of abundant global supply. OPEC+ continues to ramp up production, and US crude output is projected to reach record highs this year. Meanwhile, Russian exports remain near a 16-month peak, even as drone strikes by Ukraine disrupt refining capacity and reduce domestic processing. In corporate developments, Exxon Mobil signed preliminary agreements to explore Iraq’s massive Majnoon oil field, marking the company’s return to the country after a nearly two-year hiatus and signaling renewed investment in upstream opportunities.