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West Texas Intermediate traded near $73 a barrel after climbing almost 4% over the previous three sessions. Brent closed at $77. Inventories rose by 9 million barrels last week, the American Petroleum Institute reported. That would be the biggest increase in a year if confirmed by official data later Wednesday.
The start of the year has been bumpy for oil. Prices initially gained on higher heating demand due to a cold Northern Hemisphere winter and US sanctions against Russia’s crude industry, but Trump’s tariffs have threatened trade wars on multiple fronts and dragged futures lower the past three weeks.
There are signs US sanctions are impacting Russian crude flows. Several million barrels from platforms in the Pacific are stranded after the shuttle tankers that hauled them to China were blacklisted, while Chinese refiners are being offered the ESPO grade at lower prices to entice buyers.
Elsewhere, crude stockpiles at Cushing, Oklahoma, rose by 400,000 barrels last week, the API reported, according to a document seen by Bloomberg. Gasoline and distillate inventories declined.
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