Oil prices continued to rise during trading on Wednesday, amid following the developments of events and the ongoing war in Ukraine, and anticipating the release of US inventory data later today.

According to data from the American Petroleum Institute, oil stocks in the United States decreased by 4.3 million barrels for the week ending March 18.

In terms of oil trading today, Brent crude futures for May delivery rose by 1.01% to $116.65 a barrel.



Also today, US NYMEX crude contracts for May delivery rose by 1.04% at the level of 110.31 dollars per barrel.

On the political front, German Chancellor Olaf Scholz reiterated his rejection of calls to boycott Russian energy supplies in the wake of the attack on Ukraine.

Schulz noted that the sanctions that have already been imposed on Moscow are hurting its economy and that it will become more dramatic as the days go by, according to Sky News.

For his part, US President Joe Biden is preparing to announce more sanctions on Moscow when he meets with European leaders tomorrow, Thursday, in Brussels.