Black commodities remained traded higher on Wednesday supported by U.S. crude oil inventory data that unexpectedly showed a decline.
At the opening of the European session, Brent crude traded higher at around $ 115 a barrel, while US WTI traded up at $ 109 a barrel.
Both benchmarks eased slightly on Tuesday as there was a possibility that the European Union (EU) would not agree to impose an immediate oil embargo on Russia.
According to analysts, concerns over supply constraints may be alleviated if the EU takes such a decision given that it has high dependence on Moscow.
However, the market remained vigilant following US President Joe Biden’s visit to Brussels to meet with NATO and European leaders on Thursday who will discuss the issue of Russia’s aggression against Ukraine.
Biden and his allies are expected to announce new sanctions on Russia following the meeting.
Meanwhile, the latest data from the American Petroleum Institute (API) showed U.S. crude oil supplies declined by 4.3 million barrels last week following an increase of 3.8 million barrels the previous week.
