By Gina Lee

Investing.com – Oil was up on Thursday morning in Asia, extending a rally as Brent futures climbed above $116. Supply concerns were driven by worries about trade disruption and shipping issues due to Western sanctions against Russia’s recent invasion in Ukraine. However, U.S. crude stocks fell to multiyear lows.

The price of oil rose by 3.01%, to $116.33, at 11:04 PM ET (04:04 GMT), which is the highest since August 2013. It also rose 2.59%, to $113.47 after reaching a new 11-year high, $113.31.

At its Wednesday meeting, the ), including Russia’s, decided that an increase of 400,000 barrels/day would be maintained. Surging oil prices and the invading of Iraq were ignored by the cartel, which apparently did not respond to calls for increased supply from certain corners.

With its announcement of export controls for Russian oil refining, the White House has increased Russian pressure. “This raises concern that Russian oil supplies may continue to hit constraints,” ANZ analysts stated in a note.

This was in reaction to fresh U.S. sanctions on the Russian oil refining sector, sparking fears that the country’s oil and gas exports could be the next target. While the U.S. weighs both the potential impact on international oil markets as well as U.S. oil prices, it has yet to touch Russia’s oil-and gas exports.

According to International Energy Agency (IAEA), Russia is both the third largest producer of oil and the biggest oil exporter worldwide.

On Wednesday, however, a draw in crude oil of 2.57 million barrels was recorded for the week ending February 25th. Investing.com’s forecasts for the week had predicted a build up of 2.748 millions barrels. However, a 4.515-million barrel build was reported during the prior week.  A draw of 6.1 Million barrels was reported the day before.