Oil prices rose again after encouraging readings in US crude oil industry data offset the fall recorded following positive developments in Ukraine -Russia peace talks.
Most recently, data from the American Petroleum Institute (API) reported a drop in U.S. crude oil supplies of 3 million barrels last week, three times better than analysts ’expectations.
This prompted Brent oil trading to erase a previously recorded 2% loss by rising again at $ 111 a barrel.
US WTI crude oil trade rose to $ 105 a barrel after erasing a 1.6% decline recorded on Tuesday.
The two benchmarks had previously declined sharply following reports that there had been positive progress in negotiations between Russia and Ukraine. Moscow also announced it would reduce its military operations in Kiev and other cities following the meeting.
Meanwhile, investors are now looking forward to the OPEC+ meeting scheduled to take place on Thursday, where the group is expected to continue to maintain current production in May of 400,000 barrels a day.
