Oil prices rise to 105 dollars due to the decline in stocks

Oil prices rose in early Asian trading, on Wednesday, after data showed a decline in US crude and fuel stocks.

The rise in prices comes against the background of news, on Tuesday, that the European Union is ready to impose new sanctions on Russia due to the Russian military operations in Ukraine targeting the Russian oil sector.

Officials said European Commission President Ursula von der Leyen is expected to announce the plans on Wednesday, Reuters reported.

By midnight, Brent crude futures rose 90 cents, or 0.9%, to settle at $105.87 a barrel.

West Texas Intermediate crude futures rose $1, or 1%, to $103.41 a barrel.

Market sources said, citing data from the American Petroleum Institute, that US crude and fuel stocks fell last week.

The sources said that crude stocks fell by 3.5 million barrels in the week ending April 29.

The US government is expected to release inventory data on Wednesday.

In the previous session, oil prices fell more than 2% due to concerns related to demand due to the prolonged closure measures in China to combat Covid-19.


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