2019.04.2507:47:00UTC+00Oil Prices Rise Despite Inventory Buildup

Oil prices rose notably on Thursday, with Brent oil reaching $75 for the first time in 2019 following the U.S. decision to end all exemptions for sanctions against Iran.

Brent crude climbed 0.8 percent to a 2019 high of $75.23 per barrel while U.S. West Texas Intermediate (WTI) crude futures were up half a percent at $66.20 per barrel.

A halt of Russian oil exports to Poland and Germany via a pipeline due to quality concerns also supported sentiment, offsetting signs of surging U.S. supply.

Brent prices have jumped nearly 40 percent so far this year, helped by OPEC-led production cuts since the start of the year.

Oil prices shrugged off U.S. government data showing a much higher than expected increase in crude stockpiles.

According to the weekly data from the Energy Information Administration on Wednesday, crude stockpiles in the U.S. rose by 5.48 million barrels in the week ended April 19, compared to forecasts for an increase of about 1.26 million barrels.

A day earlier, the American Petroleum Institute said that U.S. crude oil inventories rose by 6.9 million barrels in the week to April 19.