Oil rises on Russia sanctions fears after 3-day losing streak

Oil prices rose on Thursday after losses in previous three sessions due to market oversupply concerns, as the potential for tighter sanctions on Russian crude lent some support. Brent crude futures gained 37 cents, or 0.57%, to $65.72 a barrel by 0401 GMT. U.S. West Texas Intermediate crude climbed by 34 cents, or 0.55%, to $62.12 a barrel. Some analysts attributed the increases to a technical rebound, after Brent and WTI both lost about 1% in the prior session, with Brent closing at its lowest since June 5 and for WTI since May 30. “Buying interest emerged as WTI neared its $60 support level, while heightened geopolitical risks and speculation about tighter sanctions on Russian crude also lent support,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. The Group of Seven nations’ finance ministers said on Wednesday they will take steps to increase pressure on Russia by targeting those who are continuing to increase their purchases of Russian oil and those that are facilitating circumvention.