Oil Continues to Rise as IEA Warns of Stockpiles Drawdown
Oil prices continued to rise at the start of the year on growing concerns about risks to global supply, and as commercial crude inventories in the U.S. posted their longest decline since 2021.
Brent crude was near $82 a barrel after rising 2.6% on Wednesday, when it hit its highest since July.
West Texas Intermediate was above $80. U.S. sanctions announced last week against Russia’s energy industry have rattled markets, with the International Energy Agency warning that the sanctions could “significantly disrupt” the country’s supply and distribution chains.
Source: Bloomberg