Oil Up, Draw in U.S. Crude Oil Supplies Signal Tight Market C/W-9528940277/9149328806

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Oil Up, Draw in U.S. Crude Oil Supplies Signal Tight Market

Investing.com – Oil was up on Wednesday morning in Asia, with a draw in U.S. crude inventories increasing concerns about tight global supplies amid the prospect of further sanctions on Russia.

Brent oil futures jumped1.2% to $116.87 by 1:29 AM ET (5:29 AM GMT) after falling 14 cents during the previous session. WTI futures rose 1.38% to $110.78 after losing 36 cents on Tuesday.

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CRUDEOIL21MAR20227275.007570.007225.007400.007381.00-106.00
COPPER31MAR2022798.10801.95792.00792.00790.10+8.00
NATURALGAS28MAR2022357.60362.00352.30

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Oil tumbles to 2-week low on Ukraine talks, fears over China demand C/W-9528940277/9149328806 www.tradelinecommodity.com

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Oil tumbles to 2-week low on Ukraine talks, fears over China demand

TOKYO (Reuters) – Oil prices extended losses on Tuesday, sliding to a two-week low as ceasefire talks between Russia and Ukraine eased fears of further supply disruptions and surging COVID-19 cases in China fuelled concerns about slower demand.

Brent futures dropped $4.74, or 4.4%, to $102.16 a barrel by 0445 GMT after tumbling by more than $6 to $100.05 earlier in the session.

U.S. West Texas Intermediate (WTI) crude fell below $100 level for the first time since March 1, dropping $4.58, or 4.2%, to $98.43 a barrel. It fell to as low as $96.70 earlier in the session.

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