Investing.com – Crude jumped more than 4% after bullish weekly inventory data, only to pare gains on Wednesday as a report showed that OPEC output increased in March.
OPEC March production rose by 100,000 barrels per day, led by both Iraq and Iran, according to a Reuters survey.
Crude had registered gains of 4% after bullish weekly stockpile data. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 2.3 million barrels in the week ended March 25. Market analysts' expected a crude-stock rise of 3.3 million barrels, while the American Petroleum Institute late Tuesday reported a supply gain of 2.6 million barrels.
But gains were pared after the Reuters survey and at 17:14GMT, or 13:14ET, crude futures on the New York Mercantile Exchange gained 1.18% to $38.73 a barrel by 15:45GMT or 11:45AM ET, while Brent oil rose 1.36% to $40.39.