Decline in US crude inventories causes rise in oil prices 

Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world's biggest fuel consumer, fell.

As of 8:45 a.m. (GMT +4), Brent crude futures for June rose by 49 cents to $63.05 a barrel, while U.S. West Texas Intermediate crude for May was up 47 cents to $59.61.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 2.6 million barrels for the week ended April 2, according to sources. According to the previous report, the decline was supposed to be 1.33 million barrels. The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.44 million barrels last week.

“We’ve gotten to a point of somewhat equilibrium,” and the market “is in an in-between spot,” said Bill O’Grady, executive vice president at Confluence Investment Management in St. Louis. “To maintain gains, we’re going to have to see the economy pick up and energy demand continue to rise.”