Oil rises on US crude draw, Russia sanctions

Brent crude futures settled US$2.11, or 2.64%, higher at US$82.03 a barrel. US West Texas Intermediate crude (WTI) settled up US$2.54, or 3.28%, at US$80.04 a barrel.

NEW YORK: Oil prices rose more than 2% on Wednesday, supported by a large draw in US crude stockpiles and potential supply disruptions caused by new US sanctions on Russia, while a Gaza ceasefire deal limited gains.

Brent crude futures settled US$2.11, or 2.64%, higher at US$82.03 a barrel, the highest since August 2024. US West Texas Intermediate crude (WTI) settled up US$2.54, or 3.28%, at US$80.04 a barrel, the highest since July.