Oil rises on large draw from US crude stocks, Russia sanctions impact; Gaza ceasefire deal capped gains

(Reuters) -Oil prices rose about 2% on Wednesday on a large draw in U.S. crude stockpiles and potential supply disruptions from new U.S. sanctions on Russia, while a temporary halt to the war in Gaza limited the gains. Brent crude futures were up $1.55, or 1.94%, at $81.47 a barrel by 12:05 p.m. EST (1705 GMT). U.S. crude oil inventories fell to their lowest level since 2022 as exports rose and imports fell, according to data released on Wednesday from the U.S. Energy Information Administration (EIA).

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