Brent Rises Amid US Stocks Draw

Brent crude oil futures rose toward $67 per barrel on Thursday, building on gains from the previous session, as bigger-than-expected weekly drop in US crude and fuel inventories pointed to steady demand. Latest EIA data showed that crude stockpiles fell by 6 million barrels to 420.7 million barrels last week, versus expectations for a 1.3 million-barrel draw. Gasoline stocks decreased by 2.7 million barrels, compared to forecasts for a 915 thousand-barrel drop. Meanwhile, investors are closely monitoring steps in talks to end the Russia-Ukraine war, as any progress could influence sanctions on Russian crude exports and reshape global supply dynamics. On Wednesday, Russia said that attempts to resolve security issues relating to Ukraine without Moscow’s participation were a “road to nowhere,” as the West scrambles to work out guarantees for Kyiv’s future protection. Russia also reiterated that it would continue supplying crude to willing buyers despite warnings from the US.