(Bloomberg) — Oil extended a powerful early-year advance on mounting risks to supplies, and as crude inventories in the US posted their longest run of draws since 2021.
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West Texas Intermediate rose above $80 a barrel after climbing by more than 3% on Wednesday, when prices hit the highest since July. Brent closed near $82. A fresh swathe of US sanctions against Russia’s energy industry has rattled the market, with the International Energy Agency warning the curbs could “significantly disrupt” the nation’s supply and distribution chains.
Crude has rallied strongly since the start of the year, helped by a cold Northern Hemisphere winter fanning demand, the steady fall in US inventories, and multiple risks to shipments. In addition to the curbs against OPEC+ member Russia, traders are concerned the incoming Trump administration may both tighten sanctions against Iran and impose trade levies that disrupt oil exports.
US oil inventories dropped for an eighth week to hit the lowest since April 2022, according to official data on Wednesday.
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