Oil Prices Up by Over 1% and Brent Crude Reaches $71.73 a Barrel

April 11, 2019

Oil futures climbed more than 1% on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela’s crude supply.

International benchmark Brent futures settled at $71.73 a barrel, gaining $1.12, or 1.59%, after hitting a five-month high of $71.78 a barrel.

U.S. West Texas Intermediate (WTI) crude oil futures settled at $64.61 a barrel, rising 63 cents, or 0.98%, holding just below its strongest level since mid-November.