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West Texas Intermediate and Brent oil rose after the U.S. and European Union added to sanctions against Russia over the Ukraine crisis.
WTI climbed as much as 1.3 percent. The U.S. put seven more people on its sanctions list yesterday, including the head of OAO Rosneft, the state-run Russian oil company. Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI, fell in 11 of the 12 weeks ended April 18, according to the Energy Information Administration. Data tomorrow will probably show nationwide crude supplies gained 1.1 million barrels to 398.8 million, based on the median response in a Bloomberg survey.
“We’re up on two factors today, the continuing crisis in Ukraine and speculation about the U.S. storage numbers,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “The focus of the market switches from the Cushing number to the national total. Cushing supplies are at the lowest level since 2009 already while total U.S. supply is approaching a massive 400 million barrels.”
WTI for June delivery advanced $1.11, or 1.1 percent, to $101.95 a barrel a 9:58 a.m. on the New York Mercantile Exchange. Trading was 5.3 percent above the 100-day average for the time of day.
Brent for June settlement climbed $1.02, or 0.9 percent, to $109.14 a barrel on the London-based ICE Futures Europe exchange. Trading was 2.7 percent above average. The European benchmark traded at a $7.19 premium to WTI, compared with $7.28 yesterday.
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