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Oil gains ground after data show fall in US stocks

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The drop in US crude inventories fuels concern about tight global supply as economic sanctions affect Russian exports

Bicycles and motorcycles parked across the water from storage tanks in the Keihin industrial area in Kawasaki, Kanagawa prefecture, Japan on March 17 2022. Picture: BLOOMBERG/SOICHIRO KORIYAMAOil prices rose on Wednesday as a reported drop in US crude inventories increased the concern about tight global supply 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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