Brent Crude: Oil rose more than 5% to above $121 per barrel on Wednesday, after Russia pledged that the storm in the Black Sea damaged one of the world’s biggest oil pipelines, disrupting exports from Russia and Kazakhstan and possible wiping out 1 million bpd from markets.
Prices were already rising after industry data showed the US crude inventories unexpectedly fell last week, highlighting a tight global market reeling from international sanctions against Russian oil exports.
The latest data from the EIA Petroleum Status Report showed US crude stocks fell by 2.508 million barrels last week, after a 4.345 million rise in the previous period and defying market expectations for an increase.
On top of that, markets remained on edge over the prospect of further sanctions as US President Joe Biden is scheduled to meet with European leaders on Thursday to discuss Russia’s invasion of Ukraine
