Mubasher: Oil prices rose during Wednesday’s trade after data showed an unexpected decline in US oil inventories, before returning to a downwards trend.
Crude prices recently saw some decline after rising rallies, on uncertainty regarding the extension of the OPEC output cut agreement.
The data of the American Energy Information Administration (EIA) showed that US crude stockpiles declined by 3.4 million barrels last week to 453.7 million barrels.
Investors worry that Russia that the next OPEC summit on Thursday will not reach an agreement regarding extending the output cut deal.
By 4:00 PM GMT Nymex futures rose 0.2% to $58.10, before losing 1% to trade at $56.99 per barrel.
Meanwhile, Brent crude futures rose by nearly the same percentage to $63.74 per barrel, only to decrease later by 0.05% as it is now trading at $63.56 per barrel.
