Oil prices rose on Thursday amid supply concerns after escalating geopolitical tensions linked to the Russian-Ukrainian war.
Brent crude futures for January delivery rose 28 cents, or 0.4 percent, to $73.09 a barrel. U.S. West Texas Intermediate crude futures for January delivery rose 28 cents, or 0.4%, to $69.03 a barrel.
The U.S. Energy Information Administration revealed that U.S. crude and gasoline inventories rose, while distillate inventories fell during the week ended Nov. 15. The Energy Information Administration said crude inventories rose 545,000 barrels to 430.3 million barrels during the week, compared with analysts' expectations in a Reuter’s poll for an increase of 138,000 barrels.
The OPEC+ alliance is set to postpone output increases again when it meets on Dec. 1 amid weak global crude demand.
