Oil Up 1% On U.S. Stockpile Drop – 3 May, 2022

Oil prices were up at the start of Asian trade after industry data showed drawdowns in U.S. crude stockpiles, raising supply concerns and offsetting worries about slowing demand from top importer China. Brent crude futures were up 89 cents or 0.9% to $105.86 per barrel. West Texas Intermediate crude futures were 97 cents or 1% higher to $103.38 per barrel. The rise comes after news that the European Union will impose sanctions on Russia for its attack on Ukraine, aimed at targeting Moscow’s oil industry. According to market sources, U.S. crude stocks fell by 3.5 million barrels for the last week in April, 800,000 more than expected, with government data on stockpiles due on Wednesday.