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Oil above $122 on the eve of a US-European meeting to impose new sanctions on Russia
Oil above $122 on the eve of a US-European meeting to impose new sanctions on Russia
The price of Brent crude jumped above $122 this evening, and US West Texas Light crude above $115, on the eve of the emergency NATO summit, the European Council meeting, and the Group of Seven summit to discuss imposing further sanctions on Russia.
Oil prices are under a number of pressures, as the three summits will discuss a European ban on Russian oil and gas, while US Energy Information Administration statistics showed that crude oil inventories in the United States recorded a sudden drop last week, while gasoline and distillate inventories fell more than expected.
The government agency added that crude stocks fell by 2.5 million barrels in the week ending March 18 to 413.4 million barrels, compared to expectations of analysts polled by Reuters, which were referring to an increase of 114,000 barrels.
Oil inventories at the delivery hub in Cushing, Oklahoma, rose by 1.2 million barrels.
Data from the Energy Information Administration showed that US refineries' consumption of crude increased by 277,000 barrels per day last week. Refineries operating rates rose 0.7%.
The data indicated that gasoline stocks fell by 2.9 million barrels over the past week to 238 million barrels, while it was expected to drop by two million barrels.
