Oil prices rose Thursday as escalating Russi-Ukraine tensions and a larger-than-expected draw in US crude inventories bolstered market sentiment.
International benchmark Brent crude was trading at $67.22 per barrel at 9:44 a.m. local time (0644 GMT), up 0.1% from the previous session’s $67.13.
US benchmark West Texas Intermediate (WTI) gained 0.2% to $63.51.
Ukraine's military reported "one of the largest air attacks of the year", which killed one person and injured 15, as President Volodymyr Zelensky accused Moscow of showing no readiness for peace talks.
He added that Moscow has shown no indication of readiness for meaningful negotiations to end the conflict, stressing the need for additional measures, including strong sanctions and tariffs.
Prices also drew support from data signaling robust US oil demand.
The US Energy Information Administration (EIA) reported on Aug. 21 that commercial crude inventories fell by 6 million barrels last week to 420.7 million barrels, far exceeding expectations of an 800,000-barrel decline.
Markets are now focused on remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Policy Symposium later today.
Markets now await Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium later Thursday for signals on potential September interest rate cuts, which analysts say could spur growth and lift oil demand further.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
