The global benchmark Brent crude contracts ended the trading session 0.4% higher, to record at the settlement of 106.80 dollars per barrel.
Texas Intermediate crude contracts closed 0.2% higher, to settle at $102.75 a barrel.
Oil prices were supported by expectations of supply shortages following sanctions once morest Russia, the world’s second-largest crude exporter and a major supplier to Europe, over its invasion of Ukraine, which Moscow describes as a “special military operation”.
The US Energy Information Administration said on Wednesday that inventories of oil, gasoline and distillates in the United States fell last week.
The government agency added that crude stocks fell by eight million barrels in the week ending April 15 to 413.7 million barrels, compared to expectations of analysts polled by Archyde.com, who were referring to an increase of 2.5 million barrels.
On the other hand, both benchmarks fell regarding 5% on Tuesday following the International Monetary Fund cut its forecast for global growth by a full percentage point, citing the economic repercussions of Russia’s war in Ukraine and warning that inflation has become a “clear and present danger” to many countries.
