Oil prices are climbing by more than 3.5% amid the U.S. Department of the Treasury’s sanctions against Russian oil companies Rosneft and LUKOIL. The market was also influenced by a report from the U.S. Department of Energy indicating a decline in the country’s energy reserves last week, driven by increased demand from refineries.
Commercial crude oil inventories in the United States fell by 961 thousand barrels, to 422.8 million barrels. Gasoline stocks decreased by 2.15 million barrels, while distillate inventories declined by 1.48 million barrels.
December Brent futures on the London ICE Futures exchange rose by $2.20 (3.51%) to $64.79 per barrel. On Wednesday, Brent had increased by $1.27 (2.1%) to $62.59 per barrel.
At the same time, December WTI futures were up by $2.08 (3.56%) in electronic trading on the New York Mercantile Exchange (NYMEX), reaching $60.58 per barrel. In the previous session, the contract rose by $1.26 (2.2%) to $58.50 per barrel.
Source: Interfax
