Oil rose after an industry report signaled a major contraction in US crude stockpiles, while the market weighed the prospect of a Russia-Ukraine ceasefire in the Black Sea.
West Texas Intermediate climbed above $69 a barrel after closing slightly lower on Tuesday. Brent settled near $73. Inventories dropped by 4.6 million barrels last week, according to the American Petroleum Institute, which would be the biggest draw since November if confirmed by official data due on Wednesday.
The US, meanwhile, said Russia and Ukraine had agreed to a truce “to ensure safe navigation” in the Black Sea, even as the Kremlin said its involvement would depend on preconditions including sanctions relief. Some of the world’s top energy traders said they will likely return to Russia if penalties end.
Prices:
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WTI for May delivery gained 0.4% to $69.30 a barrel at 7:28 a.m. in Singapore.
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Brent for May settlement closed little changed at $73.02 a barrel on Wednesday.
. Read more on Markets by NDTV Profit.West Texas Intermediate climbed above $69 a barrel after closing slightly lower on Tuesday. Brent settled near $73. Read MoreMarkets, Global Economics, Business, Bloomberg
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