WTI Rises for Third Day, Brent Gains as Cushing Stockpiles Drop, Ukraine War Continues 

West Texas Intermediate advanced for a third day, the longest rising streak in more than three weeks, after an industry report showed crude stockpiles fell at the biggest U.S. oil-storage hub. Brent gained in London.
Futures climbed as much as 0.4 percent in New York. Crude inventories at Cushing, the delivery point for WTI, shrank by 590,000 barrels last week, the American Petroleum Institute said yesterday. Supplies nationwide were probably unchanged at 397.6 million, near a record high; a Bloomberg News survey shows before Energy Information Administration data today. Ukraine is fighting an “undeclared war” with Russia, according to Acting Defense Minister Mykhaylo Koval. WTI for June delivery increased as much as 45 cents to $102.15 in electronic trading on the New York Mercantile Exchange and was at $101.95 at 3:55 p.m. Seoul time. The contract gained $1.11 to $101.70 yesterday, the highest close since April 24. The volume of all futures traded was about 7 percent above the 100-day average. Prices have advanced 3.6 percent this year. Brent for June settlement, which expires tomorrow, climbed as much as 31 cents, or 0.3 percent, to $109.55 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $7.52 to WTI. The more-active July contract was up 22 cents at $108.76.
Source: Bloomberg

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