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Crude oil prices climbed higher on Wednesday, rebounding sharply from recent losses, thanks to data showing a significant drop in flows of Russian gas to Europe, and news about Chinese government's fresh stimulus measures.
Data showing U.S. consumer prices increased 8.3% in April, easing from the 8.5% surge in March has raised hopes that the Fed might not aggressively hike rates.
Reports suggesting that Covid-19 infections dropped in Shanghai and Beijing contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for June ended higher by $5.95 or about 6% at $105.71 a barrel.
Brent crude futures were up $4.41 or 4.3% at $106.87 a barrel a little while ago.
Data from the Energy Information Administration (EIA) showed U.S. crude stockpiles rose by more than 8 million barrels in the week ended May 6, due to another large release from strategic reserves.
Gasoline inventories fell by 3.61 million barrels last week as against forecast for a draw of 1.6 million barrels, while distillates stockpiles dropped by 913,000 barrels versus forecasts for a draw of 1.0 million, after the previous week's consumption of 2.34 million.
