Oil prices gain on tighter weekly US supply

Oil prices rose more than 3% on Wednesday as U.S. weekly supplies showed more drawdown, in addition to positive signs on Russian-Ukrainian conflict.

EIA government data showed that U.S. crude stockpiles down for second week in a row falling by 3.4 million barrels last week, the lowest since September 2018.

Meanwhile, Russian top diplomats said that there is growing progress in talks with Ukraine on cease-fire and possible peace agreement.

Brent futures gained 3.8% or $4.1 to trade at $114.4 a barrel by 1457 GMT, while U.S. WTI crude futures soared by 3.4% or about $3.8 to trade at $108.21 a barrel.