Oil rises on supply tightness despite ‘constructive’ Ukraine-Russia talks
Oil prices climbed on Wednesday, erasing losses from the previous session, on hopes of progress in peace talks between Russia and Ukraine and providing a fresh reminder supply remains tight as data showed U.S. crude stocks fell sharply last week.
Brent crude futures touched a high of $112.78 shortly after opening and were up $1.35, or 1.2%, at $111.58 at 0005 GMT, reversing a 2% loss in the previous session.
U.S. West Texas Intermediate (WTI) crude futures jumped $1.29, or 1.2%, to $105.53 a barre, erasing a 1.6% drop on Tuesday.
The focus turned to supply tightness after the American Petroleum Institute industry group reported crude stocks fell by 3 million barrels in the week ended March 25, according to market sources.
