Oil Prices Rise as Investors Rethink US Inventory Data

Oil Prices See Uptick Amid Market Optimism

Following a brief period of decline, oil prices have marginally increased on Thursday, catalyzed by a renewed investor interest after considering the recent updates on U.S. crude oil and gasoline inventories. The Brent crude futures for May have witnessed a growth of $0.40, marking a 0.5% rise to stand at $86.49 a barrel, while the June contract, which garners more activity, elevated by $0.36 or 0.4% to reach $85.77. Similarly, the U.S. West Texas Intermediate (WTI) crude futures for May delivery ascended by $0.44 or 0.5%, positioning at $81.79 a barrel. These upticks are propelling both benchmark oils toward securing their third consecutive month of gains, showcasing an approximate 4.5% increase from the previous month.