The US is threatening to further tighten the screws on Russia. A group of 50 Republican and Democratic senators introduced a sanctions package that would hit the third-largest oil producer and countries that buy its fuel if President Vladimir Putin refuses to engage in good-faith ceasefire negotiations with Ukraine or if he breaches any eventual agreement.
West Texas Intermediate rose 0.4% to top $67 a barrel, while Brent settled near $71. US distillate inventories dropped to the lowest in more than three months, while gasoline stockpiles hit January lows, reining in concerns about declining fuel consumption. The official data also showed a smaller gain for crude stockpiles than estimated by the American Petroleum Institute, while reserves fell at the Cushing hub.
Crude has surged in 2022, with Brent hitting US$139, its highest since 2008, in early March as Russia’s invasion of Ukraine exacerbated supply concerns