After announcing a lower-than-expected rise in US crude oil reserves, oil prices rose at the European trade closing.
Brent crude, from the North Sea, was worth 52.20% at London’s Intercontinental Exchange (ICE), which represents 87 cents more when compared to Tuesday’s close.
On the New York Mercantile Exchange (NYMEX), the light sweet crude (WTI) price was 88 cents at $ 49.25.
Black gold prices continued their rise the day before.
US reserves fell by 3.9 million barrels,
analysts at DNB Markets said.
If the Organization of the Petroleum Exporting Countries (OPEC) manages to renew its agreement, prices should rise,
they said.
OPEC, which is associated with other producing countries to limit crude oil production and allow the market to regain equilibrium, will have to decide at its next meeting, in late May, whether the agreement will be renewed in the second half of 2017.