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Oil Futures Settle Higher For 3rd Straight Session

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Crude oil prices climbed higher on Thursday amid concerns over supply due to the possible impact of sanctions on Russia’s crude oil production.

Meanwhile, Germany, which was against a ban on Russian oil, has dropped its opposition to a European Union ban on purchases of Russian oil provided it is given time to find alternative sources of supply.

Crude oil prices struggled for support earlier in the session as coronavirus restrictions in China and the geopolitical crisis in Europe raised concerns about outlook for energy demand.

Data released by U.S. Energy Information Administration (EIA) on Wednesday that showed a drop in gasoline and distillate stockpiles last week supported oil prices.

The EIA data showed crude inventories rose by 700,000 barrels in the week ended April 22. Gasoline inventories dropped by 1.6 million barrels in the week, significantly more than an expected drop of about 100,000 barrels.

Distillate stockpiles fell 1.4 million barrels last week, the EIA data showed.

West Texas Intermediate Crude oil futures for June ended higher by $3.34 or about 3.3% at $105.36 a barrel.

Brent crude futures were up $2.52 or 2.4% at $107.47 a barrel a little while ago.

Markets are keenly awaiting the outcome of the meeting of OPEC+ countries scheduled next week, to discuss the increase in output in the month of June.

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