West Texas Intermediate’s January contract traded above $59 a barrel after retreating more than 2% on Wednesday. Brent closed below $64. (Photo: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Oil held the biggest decline in a week after US fuel inventories rose, while investors monitor the fallout from sanctions on two major Russian producers that are scheduled to take effect on Friday.

West Texas Intermediate’s January contract traded above $59 a barrel after retreating more than 2% on Wednesday. Brent closed below $64. Gasoline and distillate stockpiles — a category that includes diesel — climbed for the first time in over a month last week, according to government data.

Still, US crude stockpiles fell by 3.4 million barrels, compared with an expected gain

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