Oil prices rose today at the start of Asian trading on Wednesday after industrial data showed a decline in US crude oil and fuel inventories, which raised supply concerns.
The price hike comes against the backdrop of Tuesday’s news that the European Union is preparing to impose new sanctions on Russia for its invasion of Ukraine, targeting the Russian oil sector.
Officials said European Commission President Ursula von der Leyen was due to announce the plans on Wednesday.
THE future Brent crude oil rose 90 cents, or 0.9%, to $ 105.87 a barrel, while US crude oil futures rose $ 3 to $ 105.41 a barrel.
According to market sources, citing data from the American Petroleum Institute, US crude oil and fuel inventories fell last week.
Crude oil inventories fell 3.5 million barrels in the week ending April 29, sources said.
In the previous session, oil prices fell more than 2% due to demand concerns due to the protracted closing measures in China to fight “Covid-19”.
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