Oil rose on data from the API

Last night, data from the American Petroleum Institute (API) was published, after which the cost of oil began to grow.

According to the weekly report, the country's crude oil inventories unexpectedly fell by 4.3 million barrels, although analysts on average had expected them to rise. Official data from the US Department of Energy will be published later on Wednesday. Analysts expect inventories to rise by 110,000 barrels.

The current quotation for Brent oil is $116.70 per barrel. North American WTI oil is trading in the $110 per barrel area.

In addition to raw data, the market continues to be influenced by the situation in Ukraine and sanctions against Russia, including the possible refusal of Europe from Russian oil.

On Thursday, NATO heads of state will meet, and if the organization decides to introduce even tougher measures against Moscow, the cost of a barrel of oil could rise to $120. Analysts say that if the EU completely refuses oil coming from Russia, the market will form a hole with a volume of more than 2 million barrels per day.