May 24, 2022

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Oil rises 1% as stocks fall

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Oil prices rose in early Asian trade on Wednesday after industrial data showed a decline in U.S. crude oil and fuel stocks, which raised supply concerns.

The price hike comes on the heels of reports on Tuesday that the European Union was preparing to impose new sanctions on Russia over its occupation of Ukraine, targeting the Russian oil sector.

European Commission President Ursula van der Leyen will announce the plans on Wednesday, officials said.

00:01 At GMT, Brent crude was up 90 cents, or 0.9 percent, at $ 105.87 a barrel. West Texas Intermediate crude futures rose one dollar or one percent to $ 103.41 a barrel.

U.S. crude and fuel stocks fell last week, citing U.S. Petroleum Company data, according to market sources. Sources said crude oil stocks fell 3.5 million barrels in the week ended April 29.

The U.S. government releases inventory data on Wednesday.

In the previous session, oil prices fell more than 2% due to concerns over demand due to prolonged closure measures in China to combat Govt-19.

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