Oil prices were flat to slightly higher on Wednesday after having risen for seven days in a row on the back of output curbs and easing worries about the outlook for energy demand.

Brent crude for April settlement rose 0.2 percent to hover near a 13-month high of $61.34 a barrel, while U.S. crude futures were up 0.4 percent at $58.58.

Oil was supported after an industry report pointed to another decline in U.S. crude stockpiles.

The American Petroleum Institute reported on Tuesday that crude inventories in the United States fell by 3.5 million barrels in the week to Feb.5, adding to optimism about an expected rise in global fuel demand. Analysts were expecting a 985,000-barrel build.

The Energy Information Administration’s official inventory report is due later in the day.

In its Short-term Energy Outlook report released Tuesday, the U.S. Energy Information Administration lifted its 2021 and 2022 forecasts for West Texas Intermediate and Brent crude oil prices, citing tightened first-quarter supply outlooks.

The material has been provided by InstaForex Company – www.instaforex.com

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