Oil rises 1% as U.S. crude drawdown overshadows OPEC+ boost | Reuters
Oil rose more than 1% on Thursday after U.S. crude inventories fell more than expected amid high demand for fuel, shrugging off OPEC+'s agreement to boost crude output to compensate for a drop in Russian production.
Prices were also supported by the European Union's sixth package of sanctions against Russia, which will include an immediate ban on new insurance contracts for ships carrying Russian oil and a six month phase-out on existing contracts.
Brent futures settled $1.32, or 1.1%, higher at $117.61 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.61, or 1.4%, to $116.87.
U.S. crude oil and fuel stockpiles fell last week, as demand continued to outstrip supply, with commercial crude inventories drawing down even as more strategic reserves entered the market, government data showed.
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