West Texas Intermediate held above $78 a barrel after rallying by more than 5% in the week’s first three sessions. The Energy Information Administration reported a 5.9-million-barrel draw in commercial stockpiles last week, with nationwide holdings at their lowest level for this time of year since 2014.
The G-7 has imposed a $60-a-barrel cap on Russian oil and curtailed access to services including insurance unless cargoes are bought at or below that figure. The move is meant to punish Moscow for the invasion of Ukraine while keeping crude flowing, but an initial Bloomberg tally showed shipments had fallen.
Oil is poised to end an extraordinarily volatile year modestly higher as traders attempt to gauge the market’s trajectory in the opening months of 2023.
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