Oil prices rise about 4% despite a large increase in US crude inventories

Oil prices rose today after both Brent and WTI rose more than 6% in the previous session, and a massive increase in US crude inventories failed to allay concerns about global crude supply.

Sources said that major international trade companies plan to reduce purchases of crude oil and fuel from Russian state-controlled oil companies by May 15, to avoid falling into a state of violation of European Union sanctions imposed on Russia, the world's second largest crude oil exporter. Brent crude futures rose $4.14, or 4%, to $108.78 a barrel, and US West Texas Intermediate crude futures rose $3.65, or 3.7%, to $104.25 a barrel.