Brent rises, WTI crude falls for first time in 5 days

Oil drilling rigs

Brent crude closed higher today, April 5, after US inventories data and as investors assessed demand prospects.

The US Energy Information Administration data showed that oil inventories fell by 3.7 million barrels in the week ended March 31, higher than estimated decline of 2.3 million barrels.

Gasoline inventories fell by 4.1 million barrels last week, and distillate inventories fell by 3.6 million barrels.

Investors evaluate the path of demand for crude, after economic data indicated a slowdown in industrial and service activities in the US in March.

On April 4, the White House pledged to work with all crude oil producers and others to ensure lower prices for the American people, after the OPEC+ cut production by 1.6 million barrels per day until the end of this year.

Brent crude futures for June delivery rose by five cents to reach $84.99 a barrel.

Meanwhile, WTI crude for May delivery decreased by 0.1%, or 10 cents, to $80.61 per barrel.