Oil retreats slightly after boost from US crude draw, Russia sanctions
Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on the latest U.S. sanctions on Russia and a larger-than-forecast fall in U.S. crude stocks.
Brent crude futures were down 37 cents, or 0.5%, to $81.66 per barrel by 1042 GMT, after rising 2.6% in the previous session to their highest since July 26 last year.
U.S. West Texas Intermediate crude futures slid 35 cents, or 0.4%, to $79.69 a barrel, after gaining 3.3% on Wednesday to their highest since July 19.
U.S. crude oil stocks fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration (EIA) said on Wednesday.
The 2 million-barrel draw was more than the 992,000-barrel decline analysts had expected in a Reuters poll.
The drop added to a tightened global supply outlook after the U.S. imposed broader sanctions on Russian oil producers and tankers. The sanctions have sent Moscow's top customers scouring the globe for replacement barrels, while shipping rates have surged too.
The Biden administration on Wednesday imposed hundreds of additional sanctions targeting Russia's military industrial base and evasion schemes.
On Monday, Donald Trump will be sworn in for his second term as U.S. president.
Source: Reuters
