Investing.com – Crude futures settled higher on Thursday, after the latest Energy Information Administration (EIA) report showed a surprise fall in U.S. inventories.
On the New York Mercantile Exchange crude futures for April delivery rose 1.6% to settle at $54.45 a barrel, while on London's Intercontinental Exchange, Brent added 71 cents to settle at 56.54 a barrel.
Oil prices settled higher, buoyed by bullish inventory data, which eased concerns that record levels of supply may curb OPEC’s efforts to correct the demand and supply imbalance in the industry.
For the week ending February 17, The U.S. Energy Information Administration (EIA) said that crude oil inventories rose by only 0.564 million compared to estimates of an increase of 3.745 million barrels.
Gasoline inventories decreased by 2.628 million against expectations for a draw of only 0.888 million barrels while distillate stockpiles fell by 4.924 million barrels, compared to expectations of a 0.483 million decline.
Crude prices remained supported by OPEC, after the oil cartel signalled the possibility of further cuts, following comments from OPEC Secretary General, Mohammed Barkindo.
Mr Barkindo estimated that OPEC member states are about 90% in compliance with a global pact to cut production and noted the willingness of non-OPEC members to comply with the deal.
In November last year, The OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day (bpd) in an effort to combat the oversupply issue that has pressured prices over the last two years.
Meanwhile, market participants turn attention to the Baker Hughes rig count, due to be released at 13:00 ET.