Oil Prices Climb on Tighter Russian Sanctions and Forecast of Falling Crude Stockpiles

Oil prices rose due to tighter US sanctions on Russian crude exports, raising supply concerns.

Global inventories are forecast to decline through Q4 2022.

OPEC kept its forecast for growth in global oil demand, citing economic resilience.

OPEC expects crude stockpiles to fall by 3 million barrels per day this quarter.

Oil prices shrugged off data showing a monthly decline in Chinese crude imports.