Black commodity trading continued to strengthen at annual highs after being shocked by a fall in U.S. crude oil supplies.
Ahead of the European session, Brent crude futures traded at a three -year high of $ 85.64 a barrel.
Meanwhile, US WTI trading strengthened to its highest level since October 2014, at $ 83.40 a barrel.
Earlier, the Energy Information Administration (EIA) reported an unexpected drop in U.S. crude oil supplies of 431,000 barrels last week, compared to expectations for an increase of 1.9 million barrels.
U.S. gasoline stocks fell more than expected to their lowest level since November 2019, while distillery inventories were at their lowest level since April 2020, according to a report released by the EIA on Wednesday.
The oil market has strengthened significantly as shortages of coal and natural gas have led to higher consumption of crude oil, thus supporting price increases.
A major oil producer, Saudi Arabia has also refused to increase the supply of crude oil in the market through an agreement with OPEC+ to ease pressure from rising prices causing black gold trade to remain strong.
