NEW YORK: Oil prices soared about 4 per cent on Wednesday on supply tightness with another US crude stock drawdown, and the growing prospect of new Western sanctions against Russia even as Moscow and Kyiv held peace talks.
Brent futures rose $4.17, or 3.8pc, to $114.40 a barrel by 10:57 a.m EDT (1457 GMT), while US West Texas Intermediate (WTI) crude rose $3.97, or 3.8pc, to $108.21.
US crude stockpiles fell for a second straight week, falling by a bigger-than-expected 3.4 million barrels last week, cutting inventories in the world’s top consumer to 410 million barrels, their lowest since September 2018, government data showed.
Published in Dawn, March 31st, 2022
