Oil market extended gains, hitting 5-month highs

International benchmarks for crude oil extended the firming trend on Wednesday, 3 April 2024, hitting the highest levels since October 2023 on lingering concerns over the supply outlook. However, the gains were capped by an increase in U.S. crude oil inventories.

OPEC+ on Wednesday maintained the status quo on oil production policies while pressuring certain nations to increase adherence to output reductions. 

Meanwhile, the latest data from the EIA showed that the commercial crude inventory in the US added another 3.2 million barrels in the week ending 29 March.

Brent futures increased by 43 cents or 0.5% to settle at $89.35/barrel.

WTI rose by 28 cents or 0.3% to settle at $85.43/barrel.