Oil prices traded higher as U.S. crude oil inventories declined last week. The U.S. Energy Information Administration (EIA) released its inventories figures on Wednesday. U.S. crude oil inventories decreased by 2.67 million barrels to 482.17 million barrels last week.
Crude stocks at the Cushing, Oklahoma, decreased by 241,000 barrels to 60.44 million barrels.
Strong economic data from Japan also supported oil prices. Japan's preliminary GDP climbed 0.6% in the first quarter, exceeding expectations for a 0.4% rise, after a 0.3% gain in the fourth quarter. On a yearly basis, Japan's preliminary GDP was up 2.4% in the first quarter, beating forecasts of a 1.5% increase, after a 1.1% in the fourth quarter.
Tensions in Yemen intensified.
WTI crude oil for June delivery increased to $58.71 a barrel on the New York Mercantile Exchange.
Brent crude oil for June climbed to $64.82 a barrel on ICE Futures Europe.