Crude oil prices rose sharply on Thursday as easing concerns over turmoil in the banking sector helped reduce fears about risks to economic growth and fuel demand.
Supply disruptions amid the standoff with Kurdish oil flows via Turkey supported oil prices. Disruptions in Kurdish oil shipments have cut out about 450,000 barrels per day, or 0.5% of daily global supply.
PetroChina, the Chinese energy giant, said China's refined fuel consumption this year is likely to rise 3% from pre-Covid levels.
West Texas Intermediate Crude oil futures for May ended higher by $1.40 or about 1.9% at $74.37 a barrel.
Brent crude futures were up $0.82 or 1.06% at $78.41 a barrel a little while ago.
Data from Energy Information Administration (EIA) showed crude stockpiles fell by 7.5 million barrels in the week ended March 24, the biggest draw since late November.
The EIA data also showed a larger-than-expected draw in gasoline stocks heading into the run-up to the summer season.
The Organization of Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, is likely to stick to its existing deal on reduced oil output at a meeting on Monday (April 3), says a report from Reuters.
