Oil Update — Crude edges up; Vitol sends ESPO crude to UAE; BNP Paribas ends oil drilling financing in Amazon rainforest

Oil Update — Crude edges up; Vitol sends ESPO crude to UAE; BNP Paribas ends oil drilling financing in Amazon rainforest

RIYADH: Oil prices rose at the start of Asian trade on Wednesday after industry data showed drawdowns in US crude and fuel stockpiles, raising supply concerns and offsetting worries about slowing demand from top importer China. Brent crude futures rose 89 cents, or 0.9 percent, to $105.86 a barrel by 0223 GMT. West Texas Intermediate crude futures rose 97 cents, or 1 percent, to $103.38 a barrel. The gains came on the back of news from Tuesday that the European Union is working on new sanctions against Russia for waging war on Ukraine that will target Moscow’s oil industry. The world’s largest independent oil trader, Vitol, loaded a Russian ESPO Blend crude cargo for the United Arab Emirates this week, the first such voyage for the grade, Reuters reported citing data from several analytics firms. Suezmax tanker Kriti Breeze chartered for $2.3 million, loaded the 740,000-barrel cargo from the Far East port of Kozmino on May 3, and is heading to the port of Fujairah, data from Refinitiv, Kpler and Vortexa showed. According to the data, the tanker is expected to discharge the cargo at Fujairah in late May or early June. Two traders who regularly track ESPO crude said