Oil futures settled up on Wednesday after the Energy Information Administration reported that U.S. crude stocks had fallen by 12.5 million barrels per week, marking the largest drop in a single year. Analysts said comments from Saudi Arabia’s Energy Minister Prince Abdulaziz Bin Salman on Tuesday warning traders against betting on continued drops in oil prices hinted at a potential output cut by major producers. OPEC+, the group of oil producers, will meet again in early June. The New York Mercantile Exchange settled July West Texas Intermediate crude CLN23, -0.19% at $74.34 per barrel, up $1.43 or 2%.