Oil closes higher; Brent exceeds $85

Oil drilling rigs

Oil prices closed higher today, April 11, as investors studied reports on supply and demand trends after the sudden OPEC+ production cut.

Energy Intelligence's preliminary assessment on OPEC+ production levels showed that output in March fell by 680,000 barrels per day (bpd) to 37.64 million bpd.

The declines by Russia and Nigeria — 250,000 bpd and 190,000 bpd, respectively — accounted for nearly two-thirds of that fall, the report said.

In the short-term energy forecast, the Energy Information Administration (EIA) raised its expectations on Brent and WTI crude in the current and next years. The EIA also predicted an increase US crude production.

The American Petroleum Institute report on oil inventories is expected to be issued later today, and the EIA will issue official data for inventories on April 12, amid expectations that crude stocks will decline by 1.3 million barrels.

Brent crude rose 1.7%, or $1.43, to close at $85.61 a barrel. WTI crude added 2.2%, or $1.79, to record $81.53 a barrel.