(MENAFN- Trend News Agency) Oil prices climbed on Thursday, boosted by supply tightness,
trend reports
citing xinhua .
The West Texas Intermediate for May delivery rose 1.4 U.S.
dollars, or 1.92 percent, to settle at 74.37 dollars a barrel on
the New York Mercantile Exchange. Brent crude for May delivery
increased 99 cents, or 1.26 percent, to close at 79.27 dollars a
barrel on the London ICE Futures Exchange.
The above market reactions came as market participants "stay
focused on supply worries," Vladimir Zernov, analyst with market
information supplier FX Empire, said on Thursday.
"Traders should note that Russia has cut production by 500,000
bpd in March, so the oil market is getting tighter, which is
bullish for oil prices," he said.
In addition, the U.S. Energy Information Administration (EIA)
reported Wednesday that the country's commercial crude oil
inventories decreased by 7.5 million barrels during the week ending
March 24. That was the largest weekly fall for the year to
date.
The EIA report also showed a fall of 2.9 million barrels in U.S.
motor gasoline inventories and a climb of 0.3 million barrels in
distillate fuel stocks.
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