Oil prices rose about 3% on Wednesday, with another drawdown in U.S. crude inventories indicating tight supplies, while investors worried about new Western sanctions against Moscow as Russian forces continue to tighten. bomb the outskirts of Ukraine’s capital.
On Tuesday (29), Russia promised a reduction in operations in Kiev. The West played down these promises as a plan by Moscow to rally invading forces after they suffered significant losses.
“After being tricked once, many traders who sold contracts in response to peace talks are unlikely to make the same mistake the next time a Russia-Ukraine meeting is followed by upbeat comments,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Brent futures rose $3.22, or 2.9%, to close at $113.45 a barrel, while U.S. crude (WTI) advanced $3.58, or 3.4%. , to close at $107.82.
U.S. crude inventories fell by 3.4 million barrels last week, a higher-than-expected volume, reducing inventories in the world’s biggest consumer to 410 million barrels, the lowest since September 2018, government data showed.
However, price gains were limited by surprise increases in US gasoline and oil products inventories last week and lower demand for both products, traders say.
Source: CNN Brasil
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