WASHINGTON (dpa-AFX) - Crude oil prices moved higher on Wednesday after data showed a drop in U.S. crude inventories in the week ended April 15.
Concerns about supplies from Russia and the disruptions in Libya too contributed to the uptick in oil prices.
Worries about outlook for energy demand following a downward revision in global growth forecast by the International Monetary Fund (IMF) pushed down oil prices in the previous session.
West Texas Intermediate Crude oil futures for June ended higher by $0.14 or about 0.1% at $102.19 a barrel.
West Texas Intermediate Crude oil futures for May ended with a gain of $0.19 or about 0.2% at $102.75 a barrel on the expiration day.
Brent crude futures were down $0.37 or 0.33% at $106.88 a barrel.
Data from Energy Information Administration (EIA) showed crude inventories in the U.S. dropped by 8 million barrels last week, as against expectations for a rise of 2.5 million barrels.
Gasoline inventories fell by 761,000 barrels last week to 232.4 million barrels, while Distillate stockpiles dropped by 2.7 million barrels to 108.7 million barrels, the lowest level since May 2008.
According to reports in Reuters, OPEC and its allies produced 1.45 million barrels of oil a day, below its production targets in March, due largely to the decline in the Russian crude oil output in the face of sanctions imposed by the West and some European nations.
Oil also found support as reports said some factories are returning to work after Shanghai reported no new COVID-19 infections outside quarantine areas in two districts.
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