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Oil increased on Thursday, pushed by a larger-than-expected draw in US crude inventories and the impending EU ban on Russian oil, fueling fears of tight supply.
International benchmark Brent crude was trading at $111.47 per barrel at 0600 GMT for a 0.31% increase after closing the previous session at $111.12 a barrel.
American benchmark West Texas Intermediate (WTI) was at $110.91 per barrel at the same time for a 0.53% gain after the previous session closed at $110.33 a barrel.
Energy Information Administration (EIA) data on Wednesday showed that US commercial crude oil inventories decreased by 1 million barrels to 419.8 million barrels during the week ending May 20, against the market expectation of a draw of 690,000 barrels.
Meanwhile, the EU is continuing its efforts to finalize a ban on Russian crude, with European Council President Charles Michel declaring the possibility of an agreement before the next meeting on May 30.
However, ongoing COVID-19 lockdowns in China, the world's biggest oil importer, are capping oil price increases. -
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