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- Oil prices traded higher on lower U.S. oil production
Oil prices traded higher on lower U.S. oil production
Oil prices traded higher as the U.S. Energy Information Administration (EIA) reported that the U.S. oil production declined by 0.19% or by 18,000 barrels per day last week.
U.S. crude oil inventories increased by 5.3 million barrels last week. Stocks at the Cushing, Oklahoma climbed by 789,000 barrels, the EIA noted. Energy market data provider Genscape said tanks at Cushing were nearly 80% full.
Fights in Yemen which could lead to a disruption to oil supplies support oil prices, despite Saudi Arabia saying on Tuesday it was ending air strikes against the Iran-allied Houthi rebels.
WTI crude oil for June delivery rose to $56.84 a barrel on the New York Mercantile Exchange. Brent crude oil for June increased to $62.84 a barrel on ICE Futures Europe.
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