Oil prices rose in Asia on Wednesday after hitting their highest in about a year in the previous session, supported by an unexpected draw in U.S. crude stockpiles and an OPEC+ estimate of a global oil market deficit this year.
U.S. West Texas Intermediate (WTI) crude futures climbed 24 cents, or 0.4%, to $55.00 a barrel at 0447 GMT, for a third straight day of gains. The benchmark hit a one-year high of $55.26 on Tuesday, as reported by Reuters.
Read alsoFinance ministry raises UAH 5.3 bln on domestic bondsBrent crude futures rose 26 cents, or 0.5%, to $57.72 a barrel, for a fourth day of gains after hitting $58.05 on Tuesday, the highest since January last year.
Analysts said the market was buoyed by the latest assessment by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, that oil stockpiles will decline to below a five-year average by June.
That showed the producers' output cuts were succeeding in bringing the market back into balance.
A ministerial meeting will convene on Wednesday, although it is not expected to recommend any adjustments to oil output policy.