NEW YORK, Feb. 1 (Xinhua) — Oil prices settled higher Wednesday despite increasing U.S. crude supply.
Crude oil inventories rose 6.5 million barrels in the January 27 week to 494.8 million and were up 5.0 percent from last year at this time, according to data released by U.S. Energy Information Administration.
Analysts said oil prices might have been driven up by expectations of other major producers’ high compliance with output cut deal.
Russia cut production in January by around 100,000 barrels per day, according to data seen by Reuters. A day earlier, a Reuters survey found that members of Organization of the Petroleum Exporting Countries in January have delivered on about 82 percent of their deal to lower supply.
The West Texas Intermediate for March Delivery added 1.07 U.S. dollars to settle at 53.88 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery increased 1.22 dollars to close at 56.80 dollars a barrel on the London ICE Futures Exchange.
