• West Texas Intermediate for February delivery traded above $76 a barrel after rising more than 2% in the week’s first two sessions amid declining liquidity. The American Petroleum Institute said US crude inventories shrank by 3.1 million barrels last week, according to people familiar with the data.
  • Russia’s seaborne oil shipments collapsed in the first week of Group-of-Seven sanctions targeting Moscow’s petroleum revenues, a potential source of alarm for governments around the world.