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News Details

04/05/2022 11:40

Oil prices gain 1% after US crude stocks signal tighter supply

Oil prices rose at the start of Asian trade on Wednesday after industry data showed drawdowns in U.S. crude and fuel stockpiles, raising supply concerns.

The gains come on the back of news from Tuesday that the European Union is working on new sanctions against Russia for waging war on Ukraine that will target Moscow's oil industry.

European Commission President Ursula von der Leyen is expected to spell out the plans on Wednesday, officials said.

Brent crude futures rose 90 cents, or 0.9%, to $105.87 a barrel by 0001 GMT. WTI crude futures rose $1.00, or 1%, to $103.41 a barrel.