Oil rises 1% as US crude drawdown overshadows OPEC+ boost

Brent LCOc1 futures settled US$1.32, or 1.1%, higher at $117.61 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1rose $1.61, or 1.4%, to $116.87.

NEW YORK: Oil rose more than 1% on Thursday after U.S. crude inventories fell more than expected amid high demand for fuel, shrugging off OPEC+'s agreement to boost crude output to compensate for a drop in Russian production.

Prices were also supported by the European Union's sixth package of sanctions against Russia, which will include an immediate ban on new insurance contracts for ships carrying Russian oil and a six month phase-out on existing contracts.