Oil edged higher after an industry report signaled a major contraction in US crude stockpiles, while the market weighed the prospect of a Russia-Ukraine ceasefire in the Black Sea.
Oil prices increased due to a US government report indicating lower US oil and gasoline inventories, suggesting tighter near-term supplies. Bullish oil options are being bought amidst pressure on Iranian oil exports, though some traders remain pessimistic about the rest of the year, with prices still down from January highs due to global trade tensions.
