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REUTERS/Dinuka Liyanawatte/File PhotoDec 13 (Reuters) - For the energy industry, 2022 will be remembered as the year Russia's invasion of Ukraine accelerated a global energy crisis. The world's top energy companies beat a hasty retreat from Russia and wrote off tens of billions of dollars in assets. WHY IT MATTERSRussia's invasion of Ukraine caused European countries to re-evaluate their relationship with that nation, long the continent's primary supplier of natural gas. "We are seeing nothing less than the termination of a successful 50-year partnership on gas between Russia and Europe," said Michael Stoppard, special adviser and global gas analyst at S&P Global Commodity Insights. As the year comes to a close, costs for natural gas and heating fuel have ebbed as economic activity declines.

The market was supported by another decline in U.S. oil inventories as refineries picked up activity ahead of the winter heating season. The oil market held its rally even as stocks fell and the dollar rallied after Federal Reserve Chair Jerome Powell said it was premature to think about pausing rate increases. U.S. crude oil stocks fell about 3.1 million barrels on the week, according to federal data. Gasoline inventories while distillate stocks rose only marginally ahead of the key heating season, when demand is expected to pick up. The ban, a reaction to Russia's invasion of Ukraine, will be followed by a halt on oil product imports in February.

Brent crude rose $1.74, or 1.8%, to $96.39 as of 12:01 p.m. EDT (1601 GMT), while U.S. West Texas Intermediate (WTI) crude was up $1.95, or 2.2%, to $90.31 per barrel. U.S. crude oil stocks fell about 3.1 million barrels on the week, according to federal data. "That is why we are seeing oil prices being supported." China's zero-COVID policy has been a main factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand. Therefore, expect oil prices to close out this year heading into triple-digit territory," PVM analyst Stephen Brennock said.

The dollar's weakness added support, as the greenback's strength of late has been a notable factor inhibiting oil market gains. U.S. West Texas Intermediate (WTI) crude rose $2.59, or 3%, to $87.91. Crude exports rose to 5.1 million barrels a day, the most ever, dropping net U.S. crude imports to their lowest in history. Oil analysts anticipate supply will tighten in coming months after that move, and as Europe is expected next month to ban oil imports from Russia and restrict Russian shippers from the global shipping insurance industry. "Until 2024 we believe oil price will be strongly influenced by the availability of tankers that are willing to transport Russian oil rather than global supply-demand fundamentals, keeping oil price elevated," JP Morgan analysts wrote.

Brent crude futures were up $2.43, or 2.6%, to $95.95 a barrel by 12:31 p.m. EDT (1631 GMT). U.S. West Texas Intermediate (WTI) crude rose $2.86, or 3.3%, to $88.18. U.S. crude stocks rose 2.6 million barrels last week, according to weekly government data, more than anticipated, but that was lower than industry figures, which showed a 4.5 million-barrel build. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history. Traders attributed the surge in exports to the widened WTI-Brent spread , which, coming into Wednesday's trade, was at more than $8 per barrel.

NEW YORK, Oct 26 (Reuters) - Oil prices surged on Wednesday as U.S. crude exports hit an all-time high and as the nation's refiners operated at higher-than-usual levels for this time of year. Brent crude futures for December were up $2.16, or 2.3%, at $95.68 a barrel as of 11:01 a.m. EDT (1501 GMT). A 0.9% drop in the U.S. dollar also added to bullishness, making oil cheaper for holders of other currencies. "OPEC production cuts effective November and the new EU sanctions on Russian oil to be enforced from December should be positive" for prices, said Stephen Innes, managing partner at SPI Asset Management. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history.

Brent crude futures settled up $3.05, or 3.5%, at $89.32 per barrel. U.S. West Texas Intermediate (WTI) crude futures ended up $3.65, or 4.7%, to $82.15 a barrel. The dollar hit a fresh two-decade peak against a basket of currencies on Wednesday before pulling back. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies. "All raw material dominated currencies are up - crude is not just moving in isolation here."

NEW YORK, Sept 28 (Reuters) - Oil prices rose on Wednesday following unexpected drawdowns in U.S. crude and fuel stocks, and as the U.S. dollar pulled back from recent gains, boosting commodities prices. Brent crude futures were up $2.82, or 3.3%, at $89.09 per barrel by 12:31 p.m. EST (1631 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $3.20, or 4.1%, to $81.70 a barrel. The dollar hit a fresh two-decade peak against a basket of currencies on Wednesday before pulling back. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies.

NEW YORK, Sept 28 (Reuters) - Oil prices rose on Wednesday following unexpected drawdowns in U.S. crude and fuel stocks, outweighing downward pressure from the continued strength in the U.S. dollar. U.S. crude stocks fell by 215,000 barrels in the most recent week, while gasoline and distillate inventories declined by 2.4 million and 2.9 million barrels respectively, as refining activity declined following several outages. Wholesale gasoline prices have been on the rise in the United States as well after refiners in the Midwest and West Coast shut. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies. Producer group OPEC+ meets on Oct. 5, where Russia is likely to propose an output cut of around 1 million barrels per day, a source familiar with Russian thinking said on Tuesday.

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