Oil rose to touch $56 a barrel after an industry report signaled a surprise decline in U.S. crude inventories.
Futures in New York climbed as much as 0.9 percent. U.S. crude stockpiles fell 4.2 million barrels last week, the American Petroleum Institute was said to report, despite expectations for a 3 million-barrel gain. If Energy Information Administration data due Wednesday confirms the drop, it will be the first decline in six weeks.
Russia reduced its oil production by almost 140,000 to 150,000 barrels a day from December, consistent with its commitment to the OPEC+ deal, Energy Minister Alexander Novak said.
WTI for April delivery climbs as much as 50c to $56/bbl on Nymex, trades at $55.94/bbl at 8:34am in Tokyo. Contract +2c to $55.50 on Tuesday.
April Brent rose 45c to $65.21/bbl on ICE Futures Europe exchange on Tuesday. Brent ended session at $9.71 premium to WTI.
Source : Bloomberg