Oil prices jumped on Wednesday, as a large increase in U.S. crude inventories failed to soothe worries about tight global supply, with major oil traders expected to shun Russian barrels.
Brent crude settled up $4.14, or 4%, to $108.78. U.S. West Texas Intermediate crude futures ended up $3.65, or 3.7%, to $104.25.
On Tuesday, U.S. President Joe Biden accused Russia of genocide, and the United States, France and Germany all pledged to send more weapons. Biden listed artillery systems, armoured personnel carriers and helicopters.Major global trading houses plan to reduce crude and fuel purchases from Russia's state-controlled oil companies as early as May 15, sources said, to avoid falling foul of European Union sanctions on Russia, the world's second largest crude exporter.
On Tuesday, the International Energy Agency lowered expectations for worldwide demand and said rising global production could offset Russian oil output losses. The IEA said it expects Russian output to drop 1.5 million bpd in April, growing to close to 3 million bpd from May.
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