WASHINGTON (dpa-AFX) - Crude oil futures settled notably higher on Wednesday as data showing a sharp decline in gasoline stocks in the U.S. offset a surge in crude stockpiles in the week ended April 5.
Supply cuts by OPEC and allies, and the U.S. sanctions on China and Venezuela supported oil prices.
Crude oil futures for May ended up $63, or 0.98%, at $64.61 a barrel.
On Tuesday, crude oil futures for May ended down $0.42, at $63.98 a barrel, after rising to a high of $64.79.
Data released by the Energy Information Administration this morning showed crude supplies in the U.S. increased by 7 million barrels last week, significantly larger than the expected rise.
The report said U.S. crude stockpiles rose to their highest level since November 2017, amid rising imports.
On Tuesday evening, the American Petroleum Institute released a report showing a 4.1 million barrels jump in crude stockpiles last week.
However, the EIA data showed gasoline stockpiles fell 7.7 million barrels in the week, the steepest drop since September 2017. Distillates were down by 100,000 barrels last week.
Another factor that pushed up crude oil prices today was the monthly report from OPEC that showed Venezuela's oil output dropped to a long term low of below 1 million barrels per day last month, due largely to U.S. sanctions and power shortages.
Meanwhile, UAE's energy minister has reportedly said that though Russia had said earlier this week that it would increase output, it is unlikely to do so unless in coordination with the rest of the producer group.
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