Oil rises more than 1%, Brent above $108

Oil drilling rigs

Oil prices rose today, April 21, amid supply concerns as Germany said it was considering a ban on Russian crude imports. Additionally, a sharp decline in US crude stockpiles weighed on investor sentiment.

Brent crude was trading up 1.35% at $108.24 per barrel, at 10.06 am Makkah time. West Texas Intermediate (WTI) crude rose 1.2% to $103.43 a barrel.

German Foreign Minister Annalena Baerbock said the country plans to stop importing oil from Russia by the end of the year, Reuters reported.

Meanwhile, Libya announced that it was losing more than 550,000 barrels per day of oil production due to the closures of major fields and export terminals.

Separately, US oil inventories fell by 8.02 million barrels last week, marking the largest drop since January 2021.