Crude oil prices close higher

Oil drilling rigs

Oil prices rose today, March 6, as US oil inventories rose less than expected during the week ended March 1.

Brent crude futures for May delivery rose 1.1%, or 92 cents, to close at $82.96 a barrel, after touching $84.06 earlier in the session.

WTI crude for April delivery rose by 1.25%, or 98 cents, to $79.13 per barrel, after paring down from $80.67.

Data from the US Energy Information Administration revealed that oil inventories increased by 1.4 million barrels last week, versus expectations of an increase of 2.4 million barrels. The demand for oil—measured by final products supplied to the market—rising by 765,000 barrels per day.

Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries, said following the OPEC’s acquisition of 54% of India’s oil imports in January, the levels are expected to rise further over the coming decades as India's economic development continues.