Oil rises ahead of US inventory data

Oil drilling rigs

Oil prices rose on Wednesday ahead of data on crude stockpiles in the US, with expectations of a decline. Investors also continue to monitor latest developments related to Russia-Ukraine conflict.

The international benchmark Brent crude was trading up 1.01% at $116.65 per barrel, at 9.00 am Makkah time.

West Texas Intermediate (WTI) crude rose 1.04% to $110.31 a barrel.

German Chancellor Olaf Scholz reiterated that his country will not participate in boycotting Russian energy supplies, noting that the sanctions already imposed on Moscow are hurting its economy and it will become more pronounced over the coming days, Sky News reported.

US President Joe Biden is preparing to announce more sanctions against Russian when he meets with European leaders on March 24 in Brussels.

Meanwhile, the American Petroleum Institute data showed that oil inventories in the US decreased by 4.3 million barrels in the week ended March 18.