Oil prices rallied on Wednesday

International benchmarks for oil prices surged to the new 2016 high on Wednesday (11 May) after the US Department of Energy data showed a surprising drop in the country’s commercial crude inventories. Indeed, crude stock in the US fell 3.4 million barrel last week, against analyst expectation that called for an increased of 750,000 barrels. Despite the fact that overall OPEC production output increased in April, market pays more attention to the pipeline outage in Nigeria and the continuous falling output in the US.

WTI closed at $46.23/b (+$1.57) for June delivery

Brent closed at $47.60/b (+$2.08) for July delivery