West Texas Crude Oil Contract Delivered in May Trading on the NIMEX was up $1.60 to close at $103.79 a barrel, with Brent for June delivery. It was up $1.53 to close at $108.33 a barrel.
The US Energy Information Administration (EIA) said that US crude inventories fell 8.0 million barrels last week. while analysts expected an increase of 2.2 million barrels.
The American Petroleum Institute (API), a US oil industry group. previously disclosed that US crude inventories fell 4.5 million barrels last week.
Libya’s National Oil Corporation said. The company’s oil production dropped by more than 550,000 barrels/day due to the blockade of oil wells and export terminals.
Oil prices were also driven by reports that Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus Oil production below target in March Meanwhile, Russian oil production has been hit with sanctions by the United States and the West in response to Russia’s military invasion of Ukraine.
