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Oil prices continue to rise after US inventories drop
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Economy News _ Baghdad
Oil prices turned higher on Wednesday, after industrial data showed US crude stocks fell last week, underscoring the extent of tight global supplies as economic sanctions imposed on Moscow hit Russian production.
Brent crude futures rose $1.77, or 1.53 percent, to $117.25 a barrel at 04:24 GMT.
US West Texas Intermediate crude futures rose 30 cents, or 0.41 percent, to $111.76 a barrel.
The latest data released by the American Petroleum Institute industry group showed that crude stocks fell by 4.3 million barrels for the week ending March 18.
While prices fell on Tuesday as the European Union seemed unlikely to agree to a Russian oil embargo, the market remains on edge over the prospect of further sanctions against Russia when US President Joe Biden meets European leaders on Thursday to discuss Russia's invasion of Ukraine. Which Moscow calls a "special operation".
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