In the midst of the Russia-Ukraine war, the West Texas Intermediate (WTI) for April delivery rose USD7.19, or 7percent, to USD110.60 a barrel on the New York Mercantile Exchange, the highest close since 2011.
Brent crude for May delivery rose USD7.96, or 7.6percent, to USD112.93 a barrel on the London ICE Futures Exchange on Wednesday, the highest level since 2014, according to the Xinhua news agency.
On Wednesday, the Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC allies, agreed that they will stick to their previously announced intentions for a slight rise in oil output of 400,000 barrels per day in April.
After the 26th OPEC and non-OPEC Ministerial Meeting, the oil alliance stated that the current volatility in the oil market is due to geopolitical developments rather than changes in market fundamentals.
Meanwhile, following data revealed a decline in US petroleum stockpiles, prices gained some support. The Energy Information Administration (EIA) stated on Wednesday that US commercial crude oil stocks fell by 2.6 million barrels during the week ending February 25.
Last week, total motor gasoline stockpiles fell by 0.5 million barrels, while distillate fuel inventories fell by 0.6 million barrels, according to the EIA.
The Russian currency Ruble hit a new low
