Oil Rises After Three-Day Drop With Focus on Russia, Stockpiles

Oil increased, snapping a three-day losing streak, as investors assessed a large drop in US inventories and the impact of Western sanctions against leading Russian crude producers.

West Texas Intermediate rose by 0.6% to settle below $61 a barrel, while Brent closed near $65. US crude stockpiles declined 6.9 million barrels last week, the most since early September, along with draws in gasoline and distillates, according to an Energy Information Administration report Wednesday.