Brent, the worldwide benchmark, rose as much as 1% at $79.47 per barrel around 8:30 a.m. ET.
Tuesday reported a large build of 4.85 million barrels to the US crude oil inventories for the week ending May 11.
Source U.S. Energy Information Administration Short Term Energy Outlook May 2018
Growth in USA output, meanwhile, has tamed price moves for US benchmark crude in recent sessions, preventing it from notching a fresh multiyear high.
Crude oil continues to remain glued to three-year highs and WTI crude prices testing the 72.00/barrel price level as Middle East tensions continue to bolster oil prices.
World oil prices have surged more than 70 percent over the a year ago as demand has risen sharply while production has been restricted by the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and other producers, including Russian Federation.
Another dust storm hits Delhi, IMD issues warning
One person was injured in Dwarka while two persons sustained minor injuries in west Delhi during the storm. A number of trees uprooted due to storm and strong winds and power supply was also affected in many areas.
The recent decision by US President Donald Trump to withdraw from the Iran nuclear agreement has raised fears that renewed sanctions by Washington could severely hit production from the Middle East state, which now produces 3.8 million bpd and exported 2.6 million bpd last month - making it Opec's third-largest supplier.
Data from China's refineries showed that in April, these processed some 12.06 million barrels of crude daily, up 12 percent on the year and also the second-highest daily throughput rate on record, Reuters noted.
"The commitment of Saudi Arabia and the rest of OPEC to the production cuts is a major factor in supporting the price at the moment as well as the possibility of reduced exports from Iran due to sanctions", said William O'Loughlin, investment analyst at Rivkin Securities.
Scientists Claim Multiverse May Sustain Life
Some recommended this implied that, in some areas, deep space is still broadening and will continue to grow definitely. The concept of our universe being one among many others has interested many scientists to debate on it.
"For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market", the IEA said.
"A rising oil price brings upside price risk to all commodities", Morgan Stanley said in a note to clients this week.
Global oil supplies could be hit by the decision by the U.S. to pull out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the IEA said on Wednesday. With Japan and South Korea already indicating that they will aim to attain a waiver from the United States in order to continue buying Iranian crude, the impact of Trump's actions will rest on how far he goes in comparison with Obama's previous sanctions.
Gwyneth Paltrow's Teenage Daughter Apple Looks So Grown-Up In Latest Photo
Happy birthday, my darling girl. "You are an fantastic thinker and an incredible songwriter". Paltrow and Martin split in 2014 and she got engaged to TV producer Brad Falchuk this year.
- Samsung introduces two new Galaxy S9 colors
- Malaysian politician Anwar Ibrahim walks free after royal pardon
- Fetal heartbeat abortion law challenged in Iowa
- Resumes stacking up for much-coveted NY Attorney General job
- Here's What You Need To Know About Ramadan In Brooklyn
- Help Us Travel to Cover North Carolina's Teachers' Walkout on May 16th
- Tamil Nadu TN HSC +2 Results 2018 declared at tnresults
- Sony Discontinuing PlayStation Vita Cartridges
- Amazon Prime chooses Florida for new Whole Foods discounts
- Nokia X6 launch today, teaser highlights iPhone X display style