Oil prices surged on Wednesday

International benchmarks for oil prices swelled up on Wednesday (27 April) to a new record high for 2016 after official announcement from the Federal Reserve show less concern about the US economy outlook, lifting positive expectation about the demand growth. The Fed left key interest rate unchanged after Wednesday meeting and this have overshadowed the US Energy Department reports on increased commercial crude inventories by nearly 2 million barrels last week. Analysts are saying that momentum started to build up as traders continue to focus on expectation that overproduction in the crude market is beginning to abate, and supply-and-demand conditions are starting to come back into balance.

WTI closed at $45.33/b (+$1.29) June delivery

Brent closed at $47.18/b (+1.44) June delivery