Oil adds over 2%; Brent exceeds $84

Oil prices closed positive today, March 13, as US inventories declined for the first time in seven weeks, and amid reports of a Ukrainian drone bombing one of the largest refineries in Russia.

Brent crude futures for May delivery rose 2.6%, or $2.11, to close at $84.03 per barrel, the highest level since Nov. 2, 2023 ($84.72).

WTI crude for April delivery rose by 2.8%, or $2.16, to $79.72 per barrel, which is the highest settlement since the beginning of March ($79.97).

Data from the US Energy Information Administration revealed that oil stocks decreased by 1.5 million barrels last week, contrary to expectations of a rise by 900,000 barrels. The demand for oil—measured by final products supplied to the market—rose by 510,000 barrels per day.

The Organization of the Petroleum Exporting Countries (OPEC) said that the International Energy Agency's comments on the importance of oil supply security are encouraging, noting that the agency's calls to stop new investments in the sector have caused a state of uncertainty.