Oil prices rise at settlement as US fuel inventories fall

Oil closed positive today, March 19, after US inventory data showed a decline in refined product inventories last week, helping offset Russia's suspension of attacks on Ukrainian energy facilities.

Brent crude futures for May delivery rose 0.3%, or 22 cents, to settle at $70.78 a barrel, after falling to $69.90.

US WTI crude futures for April delivery gained 0.4%, or 26 cents, to $67.16 a barrel, after touching $66.21.

Data from the Energy Information Administration (EIA) revealed that US crude oil inventories rose by 1.7 million barrels during the week ended March 14, but inventories at the Cushing delivery center—the largest storage center in the US—declined by one million barrels.

The EIA's weekly report showed a 500,000-barrel drop in US gasoline inventories, and a 2.8 million-barrel drop in distillate inventories—which include diesel and heating oil.