- Oil prices climbed following API inventory report
- US crude inventories fell by 4.6 million barrels last week, according to the American Petroleum Institute
- If confirmed by EIA data on Wednesday, this would mark the largest draw since November
- WTI prompt-month rose 53c to $69.53/Bbl Wednesday morning
- Futures approached $70/Bbl, a level last seen at the start of the month
- Russia and Ukraine reach Black Sea ceasefire
- The agreement ensures safe commercial shipping and prohibits the use of vessels for military purposes
- Russia said the deal hinges on lifting sanctions against banks and firms involved in agricultural exports
- This follows a prior energy ceasefire aimed at safeguarding critical infrastructure
- Indian refiner Reliance pauses Venezuelan crude imports (Bloomberg)
- India’s Reliance Industries is halting new purchases after President Trump authorized a 25% tariff on countries importing Venezuelan oil
- The company is still expected to receive a shipment currently en route but will suspend further deals for now
- US crude inventories fell by 4.6 million barrels last week, according to the American Petroleum Institute
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