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Oil prices rise as US stockpiles decline amid tight market

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NEW DELHI :Oil prices rose on Wednesday as a reported drop in U.S. crude inventories increased concerns about tight global supplies amid the hit to Russian exports from economic sanctions.Brent crude futures climbed $1.77, or 1.53per cent, to $117.25 a barrel at 0443 GMT, after falling 14 cents in the previo

NEW DELHI :Oil prices rose on Wednesday as a reported drop in U.S. crude inventories increased concerns about tight global supplies amid the hit to Russian exports from economic sanctions.

The market remains on edge over the prospect of further sanctions on Russia, the world's second-largest crude exporter, after its invasion of Ukraine, actions that Moscow calls a"special operation". Hari added that there may be some relief for the market if the EU drops the idea of a ban on Russian oil imports.

 

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Oil prices resume climb after US stockpiles drop in tight marketMELBOURNE : Oil prices turned higher on Wednesday, erasing losses from the previous session, after industry data showed U.S. crude stocks fell last week, underlining how tight global supplies are amid the hit to Russian output from economic sanctions on Moscow.Brent crude futures climbed $1.06, or 0.9per
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