Oil quotes rose on Wednesday as traders are evaluating data from the American Petroleum Institute (API) on US energy reserves and are waiting for official data from the Energy Department, which will be published later, SİA informs via Interfax.
May futures for Brent rose by $0.8 (0.73%) on the London ICE Futures Exchange to $111.03 per barrel.
In electronic trading on the New York Mercantile Exchange (NYMEX), May futures for WTI rose by $0.72 (0.69%) to $104.96 per barrel.
API data released last night showed a 3 million barrel drop in US oil inventories last week, three times what analysts had expected. The US Department of Energy will publish its data later. Analysts polled by Trading Economics predict that the report from the Ministry of Energy will indicate a decrease in inventories by 1.7 million barrels.
OPEC+ countries are preparing to hold another meeting on Thursday to discuss plans for oil production in May. Recent statements by the group's representatives suggest that OPEC+ will decide to increase production under the previously agreed schedule.
Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ would "leave politics at the door" at its next meeting.
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