Oil rises for 4th straight session; Brent exceeds $89

Oil trimmed their gains today, April 3, as markets evaluated US inventory data for the week ended March 29, and the results of the OPEC+ meeting on production.

Brent crude rose 0.5%, or 43 cents, to close at $89.35 a barrel, after touching an intra-session high of $89.98.

WTI crude gained 0.35%, or 28 cents, to record $85.43 per barrel, after touching $86.20.

Data from the US Energy Information Administration (EIA) revealed that oil stocks rose by 3.2 million barrels last week, contrary to expectations that they declined by 300,000 barrels. Crude stocks at the Cushing Delivery Center fell by 0.3 million barrels to 33.2 million barrels.

The EIA said that US crude production was unchanged at 13.1 million barrels per day in the last week, but the report showed that demand for oil—measured by finished products supplied to the market—rose by about 1.76 million barrels per day during the week.

Meanwhile, the OPEC+ praised the high level of commitment of member states, and the ministerial committee stressed on monitoring compliance with production plans.