Oil prices rise as U.S. stockpiles decline amid tight market

Shafaq News / Oil prices rose on Wednesday as a reported drop in U.S. crude inventories increased concerns about tight global supplies amid the hit to Russian exports from economic sanctions.

Brent crude futures climbed $1.77, or 1.53%, to $117.25 a barrel at 0443 GMT, after falling 14 cents in the previous session.

U.S. West Texas Intermediate (WTI) crude futures rose $1.51, or 1.38%, to $110.78 a barrel, after losing 36 cents on Tuesday.

The market remains on edge over the prospect of further sanctions on Russia, the world's second-largest crude exporter, after its invasion of Ukraine, actions that Moscow calls a "special operation".

Prices dipped on Tuesday as the European Union seems unlikely to agree to a ban on Russian oil. However, U.S. President Joe Biden is set to announce more sanctions on Russia when he meets with European leaders on Thursday in Brussels, including an emergency meeting of NATO.

(Reuters)