.After industrial data showed a decline in US crude and fuel stocks, oil prices rose in early Asian trade, which raised supply concerns
.The rise in prices comes against the backdrop of news on Tuesday that the European Union is preparing to impose new sanctions on Russia over its invasion of Ukraine, targeting the Russian oil sector
According to Arabiya Net, officials said that European Commission President Ursula von der Leyen is expected to announce these plans on Wednesday.
Brent crude futures increased 90 cents, or 0.9%, to $105.87 a barrel, while US oil futures rose $3 to $105.41 a barrel
.Market sources, citing data from the American Petroleum Institute, said US crude and fuel stocks fell last week
The sources said that crude stocks fell by 3.5 million barrels in the week ending April 29
In the previous session, oil prices fell more than 2% on demand concerns due to prolonged closures in China to combat Covid-19.
