Oil steadied as traders weighed a report showing rising US stockpiles against concerns about the fallout from sanctions on Russia.
West Texas Intermediate traded below $61 a barrel, after gaining more than 1% on Tuesday, when Brent closed near $65. The industry-funded American Petroleum Institute reported a 4.4 million barrel increase in US crude inventories, as well as builds in products. That would take oil inventories to the highest in more than five months, if confirmed by official data.
US sanctions against Russian producers Rosneft PJSC and Lukoil PJSC are set to kick in within days, part of efforts to raise the pressure against Moscow to end the war in Ukraine. Ahead of that, some major Asian buyers have paused at least some purchases, and diesel markets have strengthened in Europe.
Source: Bloomberg
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