Oil prices gain as crude stays above $100 per barrel

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Oil prices added to gains early Wednesday morning on worries about sliding output in sanctions-hit Russia, tightening supply after Moscow said talks to resolve its invasion of Ukraine had come to a dead end.

U.S. West Texas Intermediate (WTI) crude futures added 42 cents to hit $101.10 a barrel.

Brent futures gained 68 cents to reach $105.28 a barrel.

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 Both contracts surged more than 6% in the previous session.

An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas. (REUTERS/Ernest Scheyder / Reuters Photos)

Russian President Vladimir Putin on Tuesday blamed Ukraine for derailing talks, and said Moscow would not let up on what it calls a "special operation" to disarm its western neighbor, according to Reuters.

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The latest data showed that Russian oil and gas condensate production dropped below 10 million barrels per day on Monday, its lowest level since July 2020, amid sanctions imposed by many countries after Russia invaded Ukraine, people familiar with the data said on Tuesday.

Industry data showed that U.S. gasoline supplies fell by 5.1 million barrels and distillate stocks fell by 5 million barrels, market sources said, citing American Petroleum Institute figures.

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The declines were much bigger than analysts polled by Reuters had expected.

The DOE’s Energy Information Administration will release its inventory report for last week. Crude stockpiles are expected to rise by almost 900,000 barrels, following a surprise build of 2.4 million barrels during the prior week. Watch for declines of more than 500,000 barrels in distillate supplies (heating oil, diesel fuel), and nearly 400,000 barrels in gasoline inventories. 

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