Oil prices rise as markets await U.S. inventory data

Oil Prices Rise Ahead of U.S. Inventory Data Release

Oil prices rose during Wednesday’s trading ahead of the release of the weekly U.S. inventory data and amid ongoing developments between Russia and Ukraine.

Brent crude futures for May delivery increased by 0.36% or 26 cents to $73.28 per barrel as of 09:10 AM Mecca time. Meanwhile, U.S. crude futures for May delivery rose by 0.38% or 26 cents to $69.26 per barrel.

The United States announced that Russia and Ukraine had agreed to a truce to ensure safe navigation in the Black Sea, although the Kremlin emphasized that its participation would depend on preconditions, including easing sanctions.

Phil Flynn, senior analyst at Price Futures Group, stated, "If there is a ceasefire between Russia and Ukraine, it could pave the way for easing sanctions on Russian oil," as reported by Reuters.

Estimates from the American Petroleum Institute released last night indicated that crude inventories fell by 4.6 million barrels last week. If confirmed by official data later today, this would mark the largest decline since November.