Oil prices rose more than 2% on Wednesday, supported by a large draw in U.S. crude stockpiles and potential supply disruptions caused by new U.S. sanctions on Russia, while a Gaza ceasefire deal limited gains.
Brent crude futures settled $2.11, or 2.64%, higher at $82.03 a barrel, the highest since August 2024. U.S. West Texas Intermediate crude (WTI) settled up $2.54, or 3.28%, at $80.04 a barrel, the highest since July.
In post settlement trade, Brent rose to the highest since July and WTI gained more than $3 a barrel.
U.S. crude oil inventories fell last week to their lowest since 2022, the U.S. Energy Information Administration reported, as exports rose and imports fell. Gasoline and distillate inventories rose more than expected.
The latest round of U.S. sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency said in its monthly oil market report.
Source : Reuters
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