Black commodities returned to higher ground on Wednesday, supported by industry data that showed U.S. crude supplies unexpectedly declined last week.
Global oil supply constraints have supported the rise in oil prices to annual highs in recent months, and the latest data from the American Petroleum Institute (API) further strengthens the view that supply remains limited.
API reported a decline in oil inventories of 2.5 million barrels in the week ended Nov. 5, setting aside expectations for an increase of 2.1 million barrels by the market.
Investors are now awaiting weekly data from the Energy Information Administration (EIA) today to confirm the decline in U.S. oil inventories.
In the Asian session, Brent crude futures traded higher at $ 85.10 a barrel. Meanwhile, US WTI traded back to a 7 -year high, trading stronger at $ 84.25 a barrel.
In addition, the strengthening of prices was also supported by a report released by the US Energy Information Agency which said that it saw demand increase faster and subsequently put pressure on prices as well as reduce inventory.
