On Thursday, crude oil prices edged higher as market participants were impressed by a dip in American crude output.
In New York, June delivery WTI crude futures soared 2.08%, trading at to $44.68 per barrel. Additionally, Brent oil futures surged 1.59% at $44.53 a barrel.
On Wednesday, overnight oil futures showed mixed performance, paring some earlier revenues, as traders digested the sharpest one-week output descend in American production and last week’s stronger than expected build in domestic oil stockpiles.
Furthermore, the US Energy Information Administration informed on Wednesday via its Weekly Petroleum Status Report that American commercial crude inventories surged by approximately 2.8 million barrels by April 29 compared to the previous week.
At 543 million barrels, American oil inventories have found themselves at historical peaks for the first time in 2016. By the way, for this week, financial analysts expected a minor gain of about 750,000.