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15 March 2019, 04:10 | Hattie Nash
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Oil futures rallied about 2 percent on Wednesday as US crude inventories unexpectedly fell and an official forecast of crude oil supply growth from the world's top producer was revised lower.
Brent crude futures LCOc1 were at $66.82 per barrel, up 24 cents, or 0.4 percent.
Crude rallied this year after the Organisation of the Petroleum Exporting Countries (OEPC) and its allies including Russian Federation, a group known as OPEC+, returned to supply cuts as of January 1.
April West Texas Intermediate crude, +0.82 per cent rose 86 cents, or 1.5 per cent, to $56.93 a barrel on the New York Mercantile Exchange, after prices rose 0.5 per cent last week, according to Dow Jones Market Data.
Oil prices have been receiving broad support this year from supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russian Federation aimed at tightening markets.
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Crude inventories fell by 3.9 million barrels in the last week, compared with analysts' expectations for an increase of 2.7 million barrels. In 2023, American oil exports will be on course to overtake Russia's by around 0.3 million barrels.
The slowdown in drilling points to more timid output growth going forward, but because the overall drilling level remains relatively high despite the recent decline, many analysts still expect US crude output to rise above 13 million bpd soon.
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European cities maintained a generally high position in the list, with Vienna, Zurich and Munich in the top three places globally. All US cities covered in the analysis fell in the rankings this year, with Washington DC (53) the biggest faller.